By Sheri Kasprzak
New York, Dec. 1 - Norwood Systems Ltd. said it intends to raise A$1.3 million from a private placement of stock in two tranches.
The offering includes a total of 26 million shares at A$0.05 each.
In the first tranche, which has already closed, the company issued 3,296,713 shares. The second tranche will close upon shareholder approval.
Proceeds will be used for working capital.
Based in Perth, Western Australia, Norwood Systems is a mobile communications company.
| Issuer: | Norwood Systems Ltd.
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| Issue: | Stock
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| Amount: | A$1.3 million
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| Shares: | 26 million
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| Price: | A$0.05
|
| Warrants: | No
|
| Announcement date: | Dec. 1
|
| Stock price: | A$0.10 at close Dec. 1
|
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