Back in January Golden Crane were placed 213 million shares, just under 10% of SOI. If Golden Crane want to maintain their just under 10% status they will have had to partake in the recent raise to the tune of about 80 million shares ($3.4 million) to avoid going for FIRB approval. My guess is Golden Crane did participate and are included in tranche 2
Could it be that Golden Crane negotiated the raise share price down to 4.3 cents as they were unhappy with their original placement being diluted. Had the board not set the price at 4.3 cents Golden Crane may have been prepared to sell during this raise causing havoc to all involved except Golden Crane.
So I think tranche 2 includes the institutions that will account for 423 million shares or 15% of SOI.
This is my opinion only as to how I think the raise price of 4.3 cents was reached to match Golden Cranes original placement.
HRZ Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
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