Foster Stockbroking and Azure Capital are seeking to raise $5.2 million in an institutional placement for Perth-based Norwood Systems.
The brokers contacted potential investors on Monday morning, seeking buyers for 65 million shares at 8¢ each. The placement was to be followed by a share purchase plan to raise up to another $1.5 million.
Norwood Systems shares last closed at 14¢.
The company was seeking the funds to progress its World Phone app for smart phones, which it reckons makes it cheaper, easier and a better quality way for people to make international calls when overseas.
The brokers were calling for firm bids by 4pm on Monday.
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