time for reflection i think, page-11

Approx 33% increase in shares on issue cuts my 1 year price target - (putting no value on Marqua) from 25c to 16.5c and 2 year price target from 50c to 33c.

Upside in the next year is better than expected drilling results from Myrtle and Marqua...

Still over 300% from here in 1 year on my numbers - I seem like the only buyer left on HC ?

There has been NO CHANGE IN FUNDAMENTALS I will happily double my holding under 5c all fundamentals being current and equal to today.

The theme I see is IM and the board wish to maintain the positive momentum and pace of progress which is been brisk - that can only be done with cash. Another perpective is the raising is an insurance policy to TECK pulling out - raising cash, as TECK pulling could see raising cash below 3c...

I prefer to be in a negative cash flow stock that has the cash to make progress rather than one that is watching the pennies as a lot of speccies progress too slowly and succumb to raising at even lower prices...

So I assume no one here is going to take up the SPP then?

I am a bit hazy on the issuing shares rules but I assume that the SPP gets them around the maximum 10% rule as its being offered to all shareholders...could anyone here clarify?