Ann: Merger of Equals of Adamus Resources and End, page-6

re: Ann: Merger of Equals of Adamus Resources... Well I guess at this stage we all know little about endeavor.

At first glance I do wonder why it is capitalized at around the same as adu yet half of that is cash. Suggests a market question re mine value. I need to do some more work on that.

In a way this is effectively a 160m cash raising for adu at the current share price which in my view has yet to re rate.

I don't think I would be in a hurry to do that to effectively buy $100m of gold at a record 1850 plus per oz by retiring hedge protection.

I can see the logic in getting the 60m bank loan out of the way early.

Will be interesting to see how the market rates it.