Ann: Extension of Share Purchase Plan, page-4

sure you could save a little bit by buying on the market but you’re going to really screw yourself over.

HVY is doing the raise because they will need cash to finish delivering an operational mine. It’s inevitable.

They have gone with an SPP because they want to reward the shareholders for their loyalty.

If you don’t buy in to the SPP then HVY will need to raise the money in another way (probably by an institutional placement) which would be at a larger discount and to which you’d have no right to participate.

You would actually be worse off if you bought on market instead of buying via SPP