One possible scenario for the share placement to be related to the JV is that they have a equity partner, not another mining company.
The equity partner provides the cash in exchange for shares (some dilution for current holders) but HGO retains 100% of Kanmantoo and therefore any upside with Ellen Wheal, etc.
As a Holder since 2005, I would be disappointed if this was further dilution ahead of a major announcement that the Insto's are aware of and we (unsofisticated types) are not.
One possible scenario for the share placement to be related to...
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