Ann: HRN: Purchase of Alto Metals Limited Shares, page-11

HRN.....only have 125 million shares on issue peanuts compared to most gold miners etc.......so they need cash anyway , they didn't have much left as at the march qtr........so they can do a cap raise to cover a cash offer and and funding for ongoing drilling etc...or they can buy AME part shares and part cash...hence no cap raise for AME....I don't think HRN would have much trouble raising the cash needed given that the 80% + of the HRN share holders are all billion dollar companies not like AME. so my guess is they will take over AME and consolidate the area.

Cheers

Time will tell