Hawsons Iron Shares drop on $5m placement
- Hawsons Iron (HIO) completed $5 million institutional placement of 62.5 million shares at 8 cents each to fund working capital
- The company says the heavily discounted price reflects the “difficult equity market conditions and prevailing investor sentiment”
- It comes after Hawsons reported difficulties in maintaining its level of operations due to rising global costs and deteriorating economic conditions
- The company hopes the placement will enable it to completes its review of options to scale up its namesake project and recommence the revised bankable feasibility study
- HIO shares dropped 24.2 per cent, trading at 9.1 cents just before market close
