14/02/2025 15:58:52
Norwood Systems (ASX: NOR) has entered into a sixth deed of variation to its loan agreement with Balmain Resources Pty Ltd, extending the repayment date of its cash drawdown facility to 28 February 2025.
The facility was originally established in April 2024 with a limit of $300,000 but has since undergone multiple variations. The latest extension increases the principal amount to $732,189.69, which includes capitalised interest and fees. An extension fee of 1.0 percent will be payable on the new repayment date.
The loan has seen incremental increases over the past several months:
Norwood director Dr John Tarrant, who controls Balmain Resources, has continued to support the company through these funding arrangements. The board has reaffirmed its assessment that the transaction remains at arm’s length, with terms more favourable than prevailing market rates.
Norwood Systems is a provider of advanced AI-driven voice communication services, delivering cutting-edge conversational and generative AI technologies to enhance global connectivity.