NOR 0.00% 4.8¢ norwood systems limited

So...as at 31 Dec they had $418K in the bank. Their anticipated...

  1. 2,328 Posts.
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    So...as at 31 Dec they had $418K in the bank. Their anticipated outflows for the next (current) quarter are $879K.

    The Company has addressed this as follows (emphasis mine);

    "During the quarter, Norwood successfully closed a Rights Issue, raising a total of $545,201.30. The entitlement issue provided existing shareholders an opportunity to acquire 2 new shares for every 11 existing shares held at an issue price of $0.005, plus one additional free attaching Option for every one share issued (with an exercise price of $0.008 and expiring on 31 October 2020). The Company received valid applications from shareholders under the Entitlement Issue for $319,821.00 with additional applications for a further $225,380.30.

    The entitlement issue was previously underwritten by Pinnacle Corporate Finance Pty Ltd (“Pinnacle”).Subsequent to the closing of the entitlement offer, Pinnacle provided the Company with a notice of termination of the underwriting agreement. Please refer to the Supplementary Prospectus lodged with the ASX on 29 October 2018 for further background on the termination clause that was triggered.

    The Board continues to manage the capital requirements of the Company to ensure the capital needs of the company in the coming quarter will be met. This consideration includes the possibility of other material revenue generating contracts additional to the Spark NZ contract."

    Where to now?
 
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