Hawsons Iron: Shares drop on $5m placement

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