Chart, page-4

The IPO will certainly strengthen the balance sheet, even after giving 12% to Shareholders.
I believe the board is trying to save us dilution through divestments of non core assets.. it’s a tough time to be raising money… HRZ is minimising that, we recently had a solid resource update.. your getting very cheap ounces… probably some of the cheapest.
The volume is quite low in the market place… so any move up could be quite swift in the event of a IPO announcement… which I think will be the catalyst for a SP move.
We don’t have any debt, however we do need ongoing capital to advance drilling extra.
Companies like HRZ can turn off the drills and reduce capital costs significantly annually to stay afloat..2013- 2014 was tough for explorers.
With IPO imminent.. I wouldn’t be a seller right now.