It's probably closer to a 17% increase in EPS but lots and lots...

It's probably closer to a 17% increase in EPS but lots and lots of assumptions.

Here's my calculations anyway for a 1:1 scenario. Some comments on this:

• Net impact is a 13% increase in dilution to ADN shareholders, however EPS increases by 17%
• Under the combined scenario ADN would have about $16M cash in the bank which would reduce capital they need to raise to achieve production
• Existing ADN holders would see their EPS increase by 17% and existing MEP shareholders would see a slight reduction in EPS by 12%
• My thoughts on dilution to achieve production are based on the PFS numbers/approach (and DFS will see a change)