My guess is that its not about having 300 shareholders, but...

My guess is that its not about having 300 shareholders, but about having more than 300 shareholders with $2000 worth of shares. This may be the reason why HNR is aiming for existing sh to participate with a minimum purchase of $2000. Having NMT holding tight of approx 23% together with other large holders, it means the free share may not be large enough to achieve 300 and $2000 number, hence the CR.

Also, tbh, HNR is just a baby company, finance wise. That may be the reason we have shares issued to our partner. Having a great business plan, yes, but with 5 mil in the bank ( can only buy 2-3 decent houses in Sydney) and talking about recycling plants for battery in Europe, who's gonna trust you unless you offer them some skin in the game.