Ann: Half Year Accounts, page-7

NRZ is planning to raise $2m in the coming months "The Group plans to complete an equity raise in the quarter ended 30 June 2024, and has signed a
mandate for the appointment of a Lead Manager for a private placement of approximately $2m of shares."

If we assume that placement is done at 0.2 cents (a discount to the current price), NRZ will need to issue another 1 billion shares. NRZ currently has 1.5b shares on issue. There is some heavy dilution coming our way.