Norwood Systems Limited announced that it has entered into a convertible note binding term sheet for an additional 200,000 convertible notes with a face value of AUD 1 each to Balmain Resources Pty Ltd, to raise AUD 200,000 on March 28, 2022. The convertible notes into shares is subject to and conditional upon the company obtaining all approvals required pursuant to the ASX Listing Rules. The convertible notes are automatically deemed to convert into shares and options on receipt of the shareholder approval or otherwise redeemed by 30 June 2022, this date has now been varied to 31 August 2022.

The number of convertible notes increased from 280,000 to 480,000. The convertible notes are unsecured. The company intends to seek relevant shareholder approval at a general meeting to be convened to enable the conversion of convertible notes to shares and options, pursuant to the above terms to occur no later than 31 August 2022.