Heron Resources: There's Value Left After The Wipe-Out [Seeking Alpha]
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Source: Seeking Alpha
Heron Resources: There's Value Left After The Wipe-Out Summary Following months of issues and delays at the Woodlawn zinc-copper mine, Heron Resources has secured a new funding package and cleaned its balance sheet. There’s significant stock dilution, but Woodlawn is still a good project which should achieve full plant capacity on a sustainable basis in mid-2020. I think that the mine is worth around A$350 million. Introduction Heron Resources ( OTC:HRLDF Plant construction was completed in May 2019 with a seven-month delay, and ramp-up issues led to the company running out of cash. On top of that, the lead contractor Sedgman sent a claim for additional costs After all of this, Heron chose to settle with Sedgman and fix its funding issues through the issue of shares and convertible notes, which significantly dilute existing shareholders. The question is, how much value is left in Heron after all the issues? The Woodlawn project The Woodlawn deposit is located near Canberra and was min
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