Hi @ad0, I had a look to see if ADG got value out of the $250k convertible note.
Based on the timeline of various announcements & cash outflows in 2023, seems unlikely they derived any value other than paying bills for a small amount of drilling (mostly in places that are outside the mining lease area). Also, zero value derived from the convertible note via their spend on Cosmo tenements (in the context of the $1.54M Cosmo loan that will morph into a 64% write-off after 80% of the Cosmo tenements are transferred over to Sarama Resources if the sale goes ahead).23/01/23 : ADG announce $1.15M CR inclusive of $250k CN.
31/01/23 : Dec’22 quarterly report shows lean cash of $321k @ 31/12/23.
14/03/23 : Drilling commences at Gibraltar.
18/04/23 : Mar’23 quarterly shows $1.079M cash & $0 draw down on $250k CN.
02/05/23 : Drilling completed at Caledonian & Sawpit.
08/05/23 : $136,167 payment lodged for Cosmo Tenement E38/2851.
27/06/23 : ADG announce $500k CR “to complete 2023 drilling program” before planned drilling for 2023 / 2024 gets scrapped.
28/06/23 : $72,673 payment lodged for Cosmo Tenement E38/2627.
26/07/23 : Jun’23 quarterly report shows $250k CN fully drawn & cash of $771k @ 30/06/23.
26/07/23 : $88,988 payment lodged for Cosmo Tenement E38/2274.
22/09/23 : ADG announce $1M CR @ $0.008 & Brazil Lithium Package.
Cheers
GW
