Hawsons Iron Secures A$2.25M For Next Steps At Namesake Project

Hawsons Iron Ltd (ASX: HIO) is funded to progress its namesake project after raising A$2.25 million via a share placement.

The company received firm commitments from sophisticated and institutional investors for the placement at $0.033 per share.

A shareholder placement will also be offered by Hawsons at the same offer price to raise an additional A$1 million.

The funding would help Hawsons conclude the strategic investor process and continue to progress pre-BFS activities.

Hawsons Iron Project

The Hawsons Iron Project is located in the Braemar region of New South Wales.

The project contains a significant magnetite ore deposit with a total JORC resource of ~3.9 billion tonnes.

Hawsons is currently undertaking a process to agree on arrangements with potential strategic investors to assist in funding engineering, further resource definition drilling and other activities to deliver a BFS (bankable feasibility study).

Pre-BFS funding

Managing Director Bryan Granzien said the placement and shareholder placement would provide over 12 months funding for Hawsons.

This will enable the company to conclude the strategic investor process and continue to progress pre-BFS activities.

Granzien added: “The Strategic Investor process is progressing well with 7 parties currently reviewing due diligence materials.

“We expect this to conclude in the September quarter and provide funding for the BFS which would start as soon as possible.”

Granzien noted that it is important that Hawsons maintains a prudent level of funding to see through the strategic investor process.

There are also a number of pre-BFS activities Hawsons can continue with on the project to ensure the BFS runs expediently once Hawsons obtains funding from the strategic investors.

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