the pulse srengthens, page-8

Excellent. That's at least two of us with a buy recommendation!

I think with much of the debt paid off here, the market cap of just $2m is indeed looking very small. Compare it with PXR, market cap of $15m and not hard to see that this has room to move up.

One thing that you dont see too often is a small cap with such a large credit facility, $40m. As far as i can tell, the interest rate on that is US prime + 1%, so about 5-6%. Not high by our standards. Allowing for such a large amount at call shows some confidence by the bank in AVD, and should allow them if needed to find another appropriate acquisition in the US. We are also likely to see some more drilling on Mother Lode 3 in the near future.

The US funding will allow them the extra cash at hand to source other "energy" sites elsewhere which in turn might lead to a small placement.

Its a big turnaround from where AVD was at 12 months ago. If they pick up some decent sites in the US and hopefully a market like Indonesia, i doubt that we will be sitting at 1.1c at the end of this year! And on a side note, a small move in the SP means those options AVDOA (3c, aug12) issued at .001c (or even now at .003c) will look like a steal. Just my opinion.