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Norwood Systems (ASX:NOR) - CEO & Founder, Paul Ostergaard - The Market Herald
CEO & Founder, Paul Ostergaard
Sourced: Business News
  • Norwood Systems (NOR) has raised $200,000 through the placement of eight million fully paid ordinary shares at $0.025 per share
  • These funds will support the ongoing roll-out of Spark Voicemail, as well as provide working capital
  • Spark Voicemail is the Spark New Zealand-branded version of Norwood's World Voicemail advanced application
  • Norwood and Spark New Zealand have recently partnered for Spark to promote the software app in New Zealand
  • This partnership is expected to materially contribute to Norwood's ongoing revenue
  • Shares in Norwood Systems remain flat and are trading at 2.7 cents each

Norwood Systems (NOR) has raised $200,000 through a placement of eight million fully paid ordinary shares at $0.025 per share.

The placement was offered to existing institutional and sophisticated shareholders together with one free attaching, listed option for every one share subscribed.

A total of eight million shares and four million options will be immediately issued under Norwood’s existing ASX Listing Rule 7.1 placement capacity.

The four million options are subject to shareholder approval at a general meeting which will be arranged shortly.

The $200,000 will fund working capital needs and, importantly, support the ongoing roll out of Spark Voicemail.

Spark Voicemail is the Spark New Zealand-branded version of Norwood's World Voicemail subscription app.

The app claims to be next-generation software that offers advanced voicemail features to its users.

Spark NZ and Norwood struck an agreement for Spark to market the software app in New Zealand which is expected to generously contribute to Norwood's ongoing revenue.

This placement comes off the back of another placement, also for $200,000, that was launched in early February 2020.

Shares in Norwood Systems remain flat and are trading at 2.7 cents each at 1:38 pm AEDT.


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