Ann: Updated Independent Investment Research Report, page-4

Hi NZPepsi,

Good pick up. I reckon any CR done in the near term would be primarily for working capital purposes + other misc items. We have just hired a new development manger (and possibly need to make a few more recruits), plus I don't think HXG is ready yet to be raising major capital for the Stage 2 processing.

If a CR for working capital was done i think it would likely be a) a modest sum, and b) done at a discount to VWAP. On the other hand, is there enough good news around for a CR to go at a premium to VWAP?

How much capital is floating around out there in finance land just looking for a good home with a reasonable chance of a high return...and does HXG present one of those situations? Possible but i am not 100% convinced just yet.​

I'm thinking a modest CR for working capital at a discount is the likely scenario however there is an outside chance for a CR at market or even slight premium. Here's hoping.

Either way, interesting times ahead.