Ann: Corporate Restructure and Share Purchase Pla, page-81

re: Ann: Corporate Restructure and Share Purc... Your reading far more into this whole situation than it deserves.

HAW are doing the cap raising as they need money. Whatever they do, they will lose 60% of the project to LCY for nothing. LCY has the option to take up their full allotment and possible have a higher % ownership of the company than they do now unless every shareholder took up their full allotment which would be highly unlikely.

HAW directors are spinning off the gold assets to another company in order to protect their income. This spin-off will be combined with an underwritten share offer with current shareholders receiving a diluted amount in the new company. There is no way the offer will be 1:1.

Directors are only interested in a steady income which this spun off gold company will create. If they cared about HAW as a player in the IO game they would have done this 4+ years ago and been close to mining by now.