Ann: Norwood World Wi-Fi Presentation-NOR.AX, page-164

I've already said it enough times on here..
As far as I can guess, the CR was intended to be later, after a big deal was signed.
It's been made quite clear to me that they WERE NOT anywhere near out of $ at the time the CR was announced. They had $ in the bank (I believe in excess of $1m) along with $1.5m R&D. It was also said that they were well aware of the constant CR talk and negativity, and concerns that could be preventing some investors buying in to Nor.
It was also made clear that the downer talk on here like "$3.5m a quarter, they must be almost broke" was very far from reality, as they have significantly reduced their spend in the recent quarter compared to previous, which included heavy advertising/marketing along with development costs. It is just my guess that the previous $3.5m/quarter will look more like $2m this time around.
They definitely weren't out of money like you are suggesting, and I was told the timing of the CR (which I was not happy with either!), was to create stability and security by ending the CR speculation. Also that the CR would see things through until the 2nd half of 2017 at least (probably assuming the full $5m raised, rather than $3.5).
Assuming contracts and deals are to be completed, there would be endless revenue from later this year onwards, that would likely prevent another CR at all!

While I also agree with you that there must be something more to it, some reason why they dropped the CR when they did... I don't agree that it's anything like being out of $ like you are suggesting. I think that it is more likely 1 of 2 reason...
1. (and I doubt this).. Basically to get their sophi mates loaded up at a bargain price, knowing there were big investors who wanted to get in without having to buy in on market while pushing the price higher.
2. (I think most likely).. The stability/security to get some major deals over the line now. These big telcos would want a long term guarantee on their investment, and would prefer seeing a solid bank account attached to Nor, assuring that Nor have stability and are cashed up to continue to improve their products from here on.

There was clear mention of long term stability and financial security, so I think you can be assured that's why the CR came early, rather than waiting another couple of months until they were nearly out of $.
Obviously a deal or contract was able to have been signed prior, it would have been much better, higher price CR.. which is why I'm thinking that a major deal could be reliant on Nor cashing up first.
Even if they only raise the $3.5m (of $5m), they're now stable and secure!
Let's hope this week shows us the first big signature.. SURELY!!!
C'mon Paul, let's see it.