hig placement 3-4 times oversubscribed

I hear that the HIG placement was 3 to 4 times oversubscibed and they raised the maximum of $18.7 million they were after. There are now a number of insto's on the register and I think they will want more as HIG should go into the ASX 2000 at the beginning of March, assuming the share price doesn't halve between now and mid-February.

The SPP should raise another $5 million approx. and leave HIG in a very sound financial position to develop and further explore their leases which they expect to result in dramatically increased reserves.