The directors have seen all of the information that is...

The directors have seen all of the information that is available, they know who was interested in partnering for BFS funding before that they selected seven to continue discussions with and how the discussions with the seven strategic investors are going - and knowing all that information that we do not have access to, the directors are putting in $250,000 for the current capital raising.

In respect to BFS funding, if there are only two JV seats at the table on offer, and more than two of the seven national and international miners, trading houses and steel mills want one of those seats, then HIO will get a fair deal on BFS funding. Each of those seven potential JV partners understand the need for high grade iron ore for making green steel and its limited supply, and therefore have a strategic reason to secure some supply. BFS funding could also be as a joint venture in the project and therefore funded directly by the JV partners and not further issues of shares.