Norwood Systems Ltd (ASX: NOR), a provider of advanced conversational and generative AI technologies, today announced it has successfully refinanced the remaining balance of its loan from Balmain Resources Pty Ltd. The company has secured a short-term unsecured loan facility of A$345,000, effectively eliminating potential default interest under the previous Balmain agreement. The proceeds from the new facility have been used to fully discharge the outstanding balance with Balmain, which will terminate the Balmain facility upon completion of settlement processes.
The key terms of the new facility include a fixed interest amount of A$34,500, with no compounding. Repayments are structured in two installments: A$79,500 due by 17 October 2025, and A$300,000 due by 28 November 2025, which is also the maturity date of the loan. A default management charge of A$2,000 per seven-day period will apply to any overdue amounts.
Norwood Systems has confirmed that no security over company assets has been granted for this new facility, and no equity securities or options have been issued in connection with the refinancing. This strategic move is expected to provide a clear and manageable repayment schedule aligned with the company’s anticipated operating cash receipts.
The announcement confirms that Norwood Systems continues to comply with Listing Rule 3.1 and will provide further updates as necessary. The board of directors has approved the release of this announcement.
