Ann: $13m equity raising to accelerate Cobar copper discovery, page-27

I don't mind dilution as long as it is done with a bit of tact and foresight. I've definitely a marked the HLX Board and Management down for not executing on both.
- Foresight wise I can't see why the CR last year was not larger if HLX needed the cash so soon. Considering this traded 3.4c-5c May-June 2021. This would definitely have cut the number of shares soon to be release by 64% at the lower 3.4c lower range in that period.
- Tact wise 20% discount to the previous 1.5c VWAP is just not acceptable. A good board and management with the correct contacts in the financial space can bring this to around 10% discount easily. An excellent board and management can even get a dilution deal done at a premium to the VWAP (DVP is a good example of this).