Norwood Systems (ASX:NOR) entered into an eleventh deed of variation to a loan agreement for a cash drawdown capital facility of up to AU$300,000, according to a Friday Australian bourse filing.
The new deed of variation allowed for an extension of the repayment date to Aug. 31, with the interest rate remaining at 7.95% and an extension fee of 1.75% payable.
Norwood made AU$550,000 of repayments up till July 31, bringing the new principal amount of the loan as of that date to AU$320,498.17, including fees and interest.
The loan was advanced by Balmain Resources, controlled by one of Norwood's directors, John Tarrant, to provide working capital.
Its shares fell 5% in recent trading on Friday.
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