attached is my ADN vs MEP valuation spreadsheet, which includes:...

attached is my ADN vs MEP valuation spreadsheet, which includes:

1. scenario MEP raising $15M at 15 cents per share
2. scenario MEP raising $15M at 10 cents per share
3. scenario MEP raising $15M at 7.5 cents per share
4. ADN market cap less $80M for ADN's cash and other assets
5. MEP's JV share plus $10M for MEP's other assets

for example, if MEP raised $15M today at 10 cents per share, there would be 653M MEP shares on issue. Based on ADN's valuation at 15 cents ADN, the MEP share price would be worth 17 cents

therefore, MEP currently trading at a discount of around 42%