The risk with these guys is your stake being diluted into...

The risk with these guys is your stake being diluted into oblivion. After the ORZINCA acquisition in March last year they had 171m shares. In just over a year, through four convertible notes, two SPP's/placements, some issued to directors and an unexplained issue for 'working capital' the total shares on issue has now blown out to 691m.

While the MC dropped about 60% in that time, the shares on issue quadrupled. (If you held a $10K stake in March last year it would now be worth $1K). The majority of this drop is due to dilution.

I do see potential for ADN to have some interest in the Mt Hope project, but ADN have plenty on their plate at the moment so any potential sale/JV etc could still be a way off yet. My fear would be the dilution risk before that eventuated.

I note their history with CN's suggests they may not be done yet. They seem to draw down smaller CN's then when they are cleared out comes another Appendix 3B (now 2A) with a new one. So the $280K outstanding on the current CN prove misleading since past action would indicate they could just draw down another one once its finished.