Norwood Systems Limited announced a private placement of 17,647,058 common shares at a price of AUD 0.017 per share for gross proceeds of AUD 299,999.986 and 4,166,667 convertible notes at a price of AUD 0.024 each for gross proceeds of AUD 100,000.008 for aggregate gross proceeds of AUD 399,999.994 on October 12, 2021. The transaction is expected to close on October 14, 2021. The transaction included participation from new professional and sophisticated investors. The convertible notes will bear an interest at the rate of 8% per annum and will mature within 12 months of the issue. The convertible notes are automatically deemed to convert into shares on receipt of the shareholder approval at a fixed price of AUD 0.024.