When a vehicle gets down to these levels of cash, the market no longer cares about the asset, all it sees is an equity raise -20% below current market pricing. HIO at $3 mill at Dec 30 2023, but Q1 2024 has seen a period of troubled drilling with issues around the drill and weather, this ALWAYS means costs are more than expected. So HIO likely towards last million as we speak, with invoices still coming in.
The sooner the raise is done the better, the longer they leave it, the more likely it is a quick and nasty with Regal, rather than a rights issue with current investors that takes a month to run ,a month that they increasingly can't afford
An investor pack may have seen raise at better levels, but refusal to release one is a red flag
HIO Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
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