By Sheri Kasprzak
Atlanta, March 29 - Norwood Abbey Ltd. said it has closed a private placement of stock for A$5,842,000.
The company sold 12.7 million shares at A$0.46 each to three U.S.-based institutional investors.
Norwood may receive up to A$6 million in additional investments from the same institutions in the next six months.
Based in Melbourne, Australia, Norwood Abbey develops drug-delivery technologies. It plans to use the proceeds for working capital.
| Issuer: | Norwood Abbey Ltd.
|
| Issue: | Stock
|
| Amount: | A$5,842,000
|
| Shares: | 12.7 million
|
| Price: | A$0.46
|
| Warrants: | No
|
| Settlement date: | March 29
|
| Stock price: | A$0.48 at close March 29
|
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