Ann: Placement, page-9

The funds are to progress ADN through DFS and in upgrading the resource and meeting their farm in farm out commitments. Interesting that they are also going to be targeting further exploration work on the resource for HPA, this side of anticipated first production DSO/dry processed Kaolin in 2021 so looks like they are well and truly planning for the future (a very good thing) to take up the emerging market opportunities in that HPA space..

However, I thought they intended raising $5 million, so a bit strange they ended up at $3.95 million. Don't tell me the sophisticated investors wanted to pay less than 4.7c a share and ADN drew the line at 4.7c (which is a good thing if that is where they drew the line).

The positive is they raised money quite fast. The negative was the market looked like it felt the ADN view was $5 million was needed based on what people have posted here last few days.

All IMO