Almost every company listed on ASX always get shareholders's approval for 10% capacity to issue shares at its AGM. It is a normal practice.
HIO has $38mil cash immediately after the latest CR and the money has been set aside for each purpose and activity, including
- $2.5mil for general working capital,
- $1mil contingency expense,
- $2.2mil for building the company capability (adding 5 new managers to the executive board).
- Interestingly, $1mil set aside for expenses relating to project finance-banking due diligence. That clearly shows management is seriously working towards project finance and bring the project to production.
- $11.7mil for expenses relating to drillings, pilot plant, and resource upgrade.
- $4.78mil for approval submissions (drilling approval, pilot plant approval, environmental permit, mining approval,...)
- $8.8mil for project engineering and design
- $3mil for infrastructure and consulting contracts.
5 keys personels recently added to the executive board. They are all very important positions to bring Hawsons to production.
All of those details above are as strong as one can expect to see, serious indication of a major project being expedited to production status.
Very typical in mining industry, when a customer signs an off-take agrrement with a mining company the off-taker also takes a 10% stake in the company (usually at a premium to sp). I do hope this AGM to get the 10% issuance capacity approval from shareholders is a step to bring the 1st off-taker onboard.
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