- Telco company Norwood Systems (NOR) has raised $250,000 through a placement for working capital and its ongoing deal with Spark New Zealand
- Roughly 11.3 million shares at $0.022 each were issued to institutional and sophisticated shareholders
- The agreement with Spark began in January this year and would see Norwood personalise its next-gen World Voicemail app to Spark’s customers in New Zealand
- Norwood is up 9.09 per cent and shares are trading for 2.4 cents each
Norwood Systems (NOR) has raised $250,000 through a placement of 11,363,637 fully paid ordinary shares at $0.022 per share.
The shares were issued to institutional and sophisticated shareholders, together with one for one free attaching, listed option.
The funds from this placement will support Norwood’s working capital requirements, including support for its ongoing telecommunication deployments.
The placement, an ongoing research and development loan facility and government-supported initiatives has also provided sufficient working capital for Norwood’s short to medium-term requirements.
Specifically, Norwood and Spark New Zealand sparked an agreement to market and deploy the Spark Voicemail app in New Zealand. This app stems from Norwood’s own award-winning World Voicemail app.
World Voicemail is a next-generation voicemail subscription app which boasts advanced features compared to regular voicemails.
Personalising the app to Spark broadened Norwood’s customer base and has added to its revenue.
Spark is New Zealand’s largest digital services company. It provides mobile, broadband and digital service to millions of people and thousands of businesses.
Norwood is up 9.09 per cent and shares are trading for 2.4 cents each at 11:50 am AEST.