Company news: Heemskirk
It has been quite a busy week on the news front - for a time of year that is normally the opposite.
Heemskirk conducted a capital raising to fund completion of Stage 1 of the frac sand project in Canada (including working capital), and to finalise the complete debt and finance needed through to Stage 2. We participated in the raising on your behalf. Whilst it is somewhat disappointing that this has been required, it does help further de-risk the business. And the highly discounted nature of the offer, combined with the strong financial metrics and market position of the project, remain very attractive.