Ann: Royalty Funding Completed, page-36

That’s a fair shout and honestly is something that’s on my mind quite a lot when it comes to HVY but there are also so many other variables at play that can make it hard to form a simple comparison. My only issue as would be most of us would be time to production, and you raise some valid points here.

I typed actively diluting but should have said massively diluting, all the efforts to raise here I would consider to be quite well managed and not overly dilutive considering the options they have on hand.

I would’ve preferred a raise off the back of the next pump which I reckon is a sorely missed opportunity but looking at the bigger picture I’m still quite optimistic.

Your logic is sound but I think given the circumstances I’m still happy with where we have landed.

That being said I still think the next deal was pretty crappy, here’s hoping it leads to some positive amplification assuming HVY sticks to their road plan.