They raised more than enough to run through Q2 which is when phase two closes. As I recall the deal they'll have $40m in cash left from phase one after the debt is paid. Given their announced intentions to liquidate the company, they can't sit on that $40m can they? And they'll get their $1/share on those they just bought. Nearly 1/3 of their investment back in two months. Not knocking them just saying, a dividend is coming.
that doesn't seem plausible to me. after they announced they want to sell out the local gov't would heavily discount any further investment.
imho sell the "asset" and invest in friendly, more local areas such as Mexico, Canada, or (despite the current administration) the USA.
In essence HNR would become a new company with, hopefully, more experienced mgmnt.
They hadn't raised the $5m at that point and they didn't say anything specific about the cash left after the bonds were paid. I'm only suggesting that they can't invest it without doing the opposite of what they did say and they can't possibly spend $40m in two quarters. They burn $500k/Q I believe. So whether they return it now or after phase two closes they will be giving it up. Actually questionable for them not to disperse the cash immediately imo.