Ann: Renounceable Entitlement Issue Prospectus, page-4

Interesting indeed.

So PO is happy to draw salary from funds largely provided by the Commonwealth (R&D rebate) and from SH's via CR's but is unwilling to put his hand in his pocket. Very poor form, imo.

I note Pinnacle will be paid $104k+ or about 9% plus 20m oppies. Not cheap, imo. this means Pinnacle can pick up nearly 21m without dipping into their own cash.

Who is Pinnacle? 100% subsidiary of ASX-listed Mejority Capital,, MJC. They have a licensing agreement with Somers Partners (the bag holders from the last CR).

http://mejoritycapital.com.au/wp-content/uploads/2018/09/2018-Annual-Report-Mejority-Capital.pdf

As per this document, if there is only 50% uptake of this CR, Pinnacle will be a sub holder. I believe they will then take a seat on the BoD to keep a tight reign on PO. I also believe that if the often spruiked deals do not come off in 2018, then we may see NOR revert to a shell before all the money runs out. A similar thing played out with Merchant and another, imo, failed tech RTO from 2015, Velpic (VPC).

As I have previously posted, this is NOR's last throw of the dice. Was PO coerced into not taking up the offer in lieu of financing? Thereby diluting him and allowing accumulation by Pinnacle.

Also interesting to note NOR uses the June 2018 cash figure when nearly another whole quarter has passed.

Imo, an interesting upcoming 3 months and this is more a play about Pinnacle than it is for NOR.