Hawsons Iron Limited (ASX: HIO), a company focused on developing its Hawsons Iron Project to produce high-quality iron concentrate, has announced the successful completion of its Share Purchase Plan (SPP) and a share placement. The SPP, which aimed to raise $1.0 million, was oversubscribed, receiving total applications of $1.21 million. The company’s board has decided to accept all valid applications, resulting in the issuance of 71,139,296 shares at $0.017 per share.
In addition to the SPP, Hawsons has completed a placement to sophisticated and institutional investors, raising $0.7 million, also at $0.017 per share. Directors of Hawsons contributed $65,000 to the SPP, while management contributed $30,000 to the placement. Ignite Equity acted as Lead Manager for the placement; their fees included a 6% cash fee and the issuance of 700,000 options.
The funds raised through the SPP and placement will be allocated to several key initiatives. These include undertaking works to provide an updated Prefeasibility Study (PFS) and Maiden Ore Reserves for the Hawsons Iron Project. Further investigations into potential secondary products, metallurgical test work, and preliminary environmental studies will also be conducted. A portion of the funds will be used for general working capital.
Hawsons Chair Jeremy Kirkwood expressed satisfaction with the shareholder response to the SPP and appreciated their support. Hawsons CEO Tom Revy stated that the funds would enable the company to fast-track key metallurgical test work and complete an updated PFS and Maiden Ore Reserves by the end of the year. The issue date for the SPP and placement shares is July 16, 2025, with quotation on the ASX expected on July 17, 2025.
