Norwood Systems Secures Unsecured Short-Term Loan to Refinance Balmain Debt
MT Newswires Live
Sep 03
Norwood Systems (ASX:NOR) has secured a new AU$345,000 short-term unsecured loan to fully repay and retire its remaining Balmain Resources loan, according to a Wednesday filing with the Australian bourse.
The loan has a fixed interest of AU$34,500 and must be repaid in two instalments, AU$79,500 by Oct. 17 and AU$300,000 by Nov. 28, with a default charge of AU$2,000 per week on overdue amounts, the filing said.
The proceeds have been used to refinance and retire the remaining Balmain loan balance, leaving no outstanding balance after settlement, the filing added.
The refinancing eliminates default interest risk and sets a repayment schedule aligned with expected cash flow, per the filing.
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