By Sheri Kasprzak
Atlanta, March 29 - Norwood Abbey Ltd. said it has closed a private placement of stock for A$5,842,000.
The company sold 12.7 million shares at A$0.46 each to three U.S.-based institutional investors.
Norwood may receive up to A$6 million in additional investments from the same institutions in the next six months.
Based in Melbourne, Australia, Norwood Abbey develops drug-delivery technologies. It plans to use the proceeds for working capital.
Issuer: | Norwood Abbey Ltd.
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Issue: | Stock
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Amount: | A$5,842,000
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Shares: | 12.7 million
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Price: | A$0.46
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Warrants: | No
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Settlement date: | March 29
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Stock price: | A$0.48 at close March 29
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