Ann: NWZ completes $5m placement and offers entitlement issue,SWM-NWZ.AX, page-25

Edit to above.. Actually looks like the 200m underwritten is in additional to the placement...
And re-reading looks like all 500m shares are going to 7/Thorney --- im not quite sure about the split between Tranche1/Tranche2/Cornerstone (I assume Tranche1 uses up existing placement capacity)

So with those revised assumptions

Currently 725mn shares on issue (excluding way out of the money options)
700m shares to be issued at 1c - of which 7/Thorney take at least 500m

Price pre-raising = 2.30c
TERP = 1.66c
Discount to TERP - 39.8% -- which is a massive discount

7/Thorney will have 35.1% of the company just through the placement (and the ability to increase another 3.9% with the 2c/3c options that arent far out of the money), plus whatever existing shares that either has