could cooper be our partner?, page-18

Good Oil,

You posted:

"The $20m is to be drawn down over 30months as I understand from the ann. How can this possible translate to $20m be available to help fund Sambuca in 3 months time? Please explain. DYOR"

ASX release 12 October explains it for me:

"Formal agreement for A$20 MILLION COMMITTED
EQUITY FACILITY executed.

AuDAX Resources Ltd (ASX:ADX) has executed the formal Committed Equity Facility Agreement to secure a A$20,000,000 facility with Trafalgar Capital Specialised
Investment Fund, Luxembourg (Trafalgar).

Subject to terms and conditions of the facility, AuDAX Resources Limited may, at its discretion, issue shares to Trafalgar at any time over the next 30 months. Shares issued to Trafalgar will be priced at 95% of the lowest of the daily volume weighted average price (�VWAP�) of the Ordinary Shares on ASX as quoted by Bloomberg during the prior five consecutive trading day period. This facility ensures AuDAX can meet its future commitments.

Engineering, tendering and bid evaluation for the exploration drilling of the Sambuca Prospect in the Sicily Channel is proceeding according to plan."

AuDax has the funds available when they want them I believe.