Norwood Systems (ASX:NOR) amended a loan agreement of up to AU$300,000 with a company controlled by a Norwood director to extend the due date and reduce the interest rate, according to a Thursday Australian bourse filing.
The loan is now due on June 30, with an interest rate of 7.95%, per the filing. The extension fee has also been waived, bringing the new principal amount to AU$851,190.
The loan was provided by Balmain Resources, a company controlled by Director John Tarrant.
All other terms and conditions of the agreement remain in effect.
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