I don't think anyone is in the dark about the fact HXG will need cash and a lot of it to start mining graphite, hopefully in 12 to 15 months time. The key is when and how they raise that cash. Presumably a mixture of equity and debt and yes there will need to be many 10's or 100's of millions of shares issued to satisfy the equity component. But until it is sourced, announced and finalized we don't know exactly how it will look. It doesn't change anything for me.
I don't think anyone is in the dark about the fact HXG will need...
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