With 1 for 1 free attached options, shares may as well be issued for $0.0165 each.
This $2.25M is just enough to cover corporate expenses for 1 year, yet it increases SOI by 10%. Exploration is done, they have indicated that no more of it is needed pre BFS approval. Wise course would be to wait for some cashflow prior to drilling for more. All no hinges on what happens around August when BFS, which may be turned down by all if they consider the project unfeasible at current input cost. All 7 prospective lenders may turn around and say "we are not happy with the evidence before us, can you go and do some more drilling?", or lack of clarity may invite unfavourable lending offers to HIO.
Outcome of BFS will make or break HIO. MD has decided to leave at a good time, he may smell blood in the water and does not want any of his to add to the mix, or he wishes not to partake in shenanigans and hoop jumping post BFS.
HIO Price at posting:
3.1¢ Sentiment: None Disclosure: Not Held
