Nice to have it all confirmed. Some salient points:
- 4.3 Underwriting (Page 12) Subject to entry into an underwriting agreement, it is intended that the Rights Issue will be underwritten by CPS Capital Pty Ltd. CPS Capital Pty Ltd will be paid a fee of 6% of the amount raised under the Rights Issue.
- 4.4 Shortfall Facility (Page 12) In addition to the Rights Issue, there will be a separate and independent offer of any shortfall from the Rights Issue made pursuant to the Prospectus. The Directors have the right to place the shortfall at their discretion, however the intention is to provide Shareholders with an opportunity to apply for the shortfall in priority (Shortfall Priority Offer).
- 4.5 Use of funds (Page 12) Includes item 'Pursuing new projects' at value of $200k.
In my mind I don't think that there can be any doubts about control.
- CPS have been across this since day one: http://en.mongolianminingjournal.com/content/19092.shtml
- CPS were appointed Lead Broker/Corporate Advisor on 30/05/17 and 21 minutes later HAR went into a Trading Halt. The following announcement resulted in the divestment of Mongolian interests and Board changes. I don't think that it's a stretch to suggest that the deal was brought to HAR by CPS.
- The last T20 was as at 29/03/17 released in the AR16. Since that date 220,438,934 shares have traded on the ASX alone as at close yesterday. I think that CPS would have been buying on-market for a lot of that period.
- Peter Gianni (the vendor) moves in certain circles. His recent vends include project(s) into CLY, MZZ and TNO. Some of those vends were for compliance purposes.
I didn't think that any significant volume was going to trade at $0.002 so was surprised to see the 5m go through on the ASX yesterday. Every individual has to do what is right for their own circumstances but I think that those selling at $0.002 are effectively giving away their shares. The obvious caveat is that you need to be prepared to participate in the Rights Issue.
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