So let's sit back a little and summarise.Obviously, this CR...

So let's sit back a little and summarise.

Obviously, this CR comes as a surprise. The management team must have managed to ensure that no one knew about it in advance. That is not always the case and the SP comes under pressure beforehand (keyword: leaky ship). That was not the case here. I find that positive.

The price of 0.095 seems attractive to me. I suspect that some market participants (instos or even other companies) have shown interest in participating in HMX on a larger scale - but unfortunately this is not possible via the market. Try building up a position of say 10 or 20 million shares without shooting the SP into the stratosphere. Hardly possible. So you're either in or you're out.

Since an oversubscription seems possible, Hammer can raise as much money as they want (or almost). A clever move from my point of view.The existing shareholders don't get a raw deal either. After all, they are being offered shares at a discount. I find that very positive. Perhaps the last time to buy a large number of HMX shares at an SP around 10 cents.

Strengthening the cash base allows management to react much more flexibly to positive developments - without being dependent on a backer - no matter what happens. In addition, the announced tender process may allow for tougher negotiations as there is less need to compromise - until then, by the way, one can still drill aggressively and take up a completely different negotiating position in case of appropriate results.

The timing also seems interesting to me. Clean deal in principle. You can top up again before the drilling results are on the table. Does Ziggy and Russel have a good feeling? If so, I would almost consider it a gift to the existing shareholders.

Maybe I'm being too positive again, but off the top of my head I think it's a good thing. The HMX team must have thought of something.