Ann: Capital Raising, page-15

241k issued options equals to 241k issued shares (1:1).
And they will be issued for sure since the offer is underwritten.
By calculation 241/2*11 (as per 2:11 offer) equals to 1,325 million shares currently on issue.
Therefore nor will have 1,566 million shares on issue after the CR + all the options and performance shares which will amount to about 450 million.

So dear gentlemen, NOR fully diluted market cap will be calculated on about 2 billion shares!
Meaning NOR is still valued about $10m at 0.5c.
Overvalued in my opinion based on past and present company performance.