Things I'll watch for:
1. How quickly it's done. The stated day, Tuesday; sooner, later. Sooner shows strong support.
2. The structure. How many shares and at what price. Attached warrants as a sweetener. Convertible bonds. Debt, unlikely, and I wouldn't be stunned with an interest rate north of 10%.
3. Underwritten. Too much to hope for?
5. A retail component. Depends on terms (of course).
6. The macro look. It's September, then it's October, but then again it's November, then Santa rallies into town.
I'll have to re-read the JVs HMX has. From a poor memory because of a scan substituting for a read, there are several with Big Boys. The scan suggested to me that the JVs show confidence in HMX's geo-team, and land.
Anyone reading their Q$ knew this was coming. I believe the just released drilling news was done to raise the sp for less dilution. Didn't happen too much. The bright spin here is that any offer to retail will be made at a better price.
OV
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