NOR running on fumes and recruits two new execs. Key word buried in their experience is 'turnaround'. Basically, scrabbling sales for income.
The 4C will be illuminating
The last 4C had NOR with $1.29m in the bank (inc $1m from the $2m cap raising and $357k drawdown from R&D loan facility).
Expected outflows of $1.04m for the quarter = $250k left over.
Add in $900k from remaining cap raise (net of fees) + $357k remaining R&D drawdown + ~$50k revenue = ~$1.65m in bank at June 30.
Using the current quarterly outflows, we can calculate that another ~$650k has actually left the door as at today's date. So, $1m left to do something from today.
There will be limited (or no) R&D coming in, because the facility is for $700k (80% of R&D as per 4C) and paying 15% per year. The R&D is security on the drawdown, so maybe $100k may head to NOR.
So a CR in the next 3 months is vital.
Placement Capacity under 7.1 - 41m shares + add back of ~129m.
Placement Capacity under 7.1A - 34m shares.
Total = 204m shares.
The SP is at $0.004. So, the most the company can raise is $816k. Or $612k at $0.003.
If NOR make it through it will be a masterpiece of money and luck.
But to be honest this has been the story for the last 2-3 years. Expensive business + bad revenue model + no sales = cash burn from shareholders. There is no conspiracy here. This has been the case for a long time.
NOR Price at posting:
0.5¢ Sentiment: Sell Disclosure: Not Held
