I think this is a good deal. As the report mentions, it allows AUN flexibility to increase drilling and preserve cash. For example, if AUN spent $2m on drilling via Topdrill, then AUN could elect to Pay $1m and issue $1m of shares to Topdrill (up to $1m max). It just gives us flexibility to retain more cash, if it makes sense to so soat the time.
By my calculations, we should have somewhere between $3.5m - $4.0 m on cash at the moment, after paying out the Convertible Note. It is a huge turn around, from when we were strangled by debt, with no easy way out. That's what was holding us back. That is behind us now.
IMHO and DYOR
Ann: Refreshed Drill for Equity Agreement with Topdrill, page-3
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