Ann: HCH to undertake a Capital Raising by Private Placement, page-29

20% or less discount is reasonable for any mine developer, this isn't a terrible CR price. Share price had a nice bump last month or so. If we had done the raise last month, it would have been at a 20% discount to $1, probably more without the recent copper price moves. Copper price chart has had a great run recently but we are well above the moving averages, so a pullback soonish isn't irrational to expect. If we wait, it might be lower.

We only have 2.4 quarters of funding left. Better to raise a little earlier than expected. Imagine if we waited another month or two, the market will expect a CR and the share price will get beaten down in anticipation, and then the CR comes in a discount to the beaten down price.

As to the size of the CR, that would need some further thought.

The best time to raise is when the market least expects it, when money is available, when the commodity is running hot.