"Paul is taking $200k of shares at 2.4" That's some manipulative spin per se. Paul Ostergaard-Jobs didn't just buy shares at 2.4. If he did it would've been via conventional means - at-market or CR, both of which are typically confidence boosts for investors. More accurately POJ was 'constrained' to the convertible note with a conversion price of 2.4.
It was of no use to him buying at-market, because nor needed cash. A CR was presumably out of the question (no takers). A conventional Note was also of the question because Nor can't make the interest payments. The only option left was a convertible note from the man himself.
Analogous to the titanic going down and a couple more life rafts delivered last minute. i.e the situation has gone from catastrophic to very marginally less catastrophic.
NOR Price at posting:
1.7¢ Sentiment: None Disclosure: Not Held
