Norwood gets new A$1 million loan; three board members resign amid shareholder changes

By Elaine Rigoli

Tampa, Fla., Sept. 1 - Norwood Immunology Ltd. has entered into a secured facility agreement with Indus Opportunity Master Fund, Ltd. for A$1 million to provide short-term working capital funding.

The loan is a drawdown facility for up to A$1 million repayable within 12 months of the first drawing of funds and bearing monthly interest.

The company said it continues to maintain a careful control of its operational costs and is seeking further funding to develop and commercialize its current technology.

Further, Norwood Abbey Ltd. sold 31,395,346 ordinary shares it owns in Norwood Immunology to Indus and related companies for $7,102,363.

The sale by Norwood Abbey represents 25.3% of Norwood Immunology's current issued share capital.

Following this transaction, Norwood Abbey has an interest in 62,219,654 Norwood Immunology shares, representing 50.2% of Norwood Immunology's current issued share capital.

Under the sale, Indus has purchased 31,395,346 Norwood Immunology shares representing 25.3% of Norwood Immunology's current issued share capital, which brings the total number of Norwood Immunology shares held by Indus to 34,026,925, representing 27.5% of Norwood Immunology current issued share capital.

As a consequence of the changing composition of Norwood Immunology's shareholder base, Ron Lewis, Richard Zahn and Jeffrey Bell have resigned from the board with immediate effect, to make way for the future appointment of new non-executive directors.

Norwood is a biopharmaceutical company based in Melbourne, Australia.

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