Ann: Phase 2 Exploration Commences at Paraiba Tenements, page-136

Hi @midastouch0707, how's things?

It was announced recently that ADG are in the process of arranging the necessary particulars to sell their Cosmo interests to Sarama Resources Ltd.

At this stage it looks like ADG won't be doing any drilling themselves on the Cosmo tenements (no surprises there), however it appears they're happy to cut a deal to sell off 80% of Cosmo, receive 25M shares in Sarama Resources & 7.5M options exercisable within 2 years at $0.05/option (to wipe out the Cosmo Loan) & then for the remaining 20%, a further $1.25M (cash or Sarama shares at Sarama's election anytime within 2-year period after the initial 80% sale).

If the sale goes though, presumably Sarama Resources become responsible for exploring & drilling the Cosmo tenements & you won't be dealing with Ian Hastings any more.

Have Sarama Resources been in contact with you yet to discuss the proposed future sale / change of ownership arrangements relevant to the Cosmo tenements?

If you intend to sell your stake in tenement E38/2274 to Sarama Resources, hopefully they'll be offering you plenty of cash, shares & options.