Ann: Agreement with Tribeca for Note Funding of up to $10m, page-15

Again, Plext read carefully. I didn't suggest the 'loan' can be paid back in cash, I was referring to the interest bearing component. It is a convertible note after all.

As it stands, $8m is paid to DGR for 40m convertible notes @ 20c each.

DGR pay $1m interest on the 12 month anniversary of the note in year 1, in CA$H.

On the 24 month anniversary, DGR have the choice of paying $1m in cash OR via equity as described in my earlier post.

At the end of the term the notes convert into equity on a 1:1 basis, so Tribeca are in the fold, with no question mark required.

As to the value, yes it is effectively a raising at 20c, less the interest component of 4.8c (12% or 2.4c x 2 years). So, even if DGR paid the interest upfront today, it would represent 15.2c per share.

I hope that clears things up a little.

Now where does the cash go?

I think AJQ are good to go, $50m raised (once the remainder of the rights offer executed)
IRR & SOLG $8m isn't going to do much, if anything the cash saves DGR 'throwing away' anymore SOLG prior to any M&A activity.

ANW could possibly benefit with a cash injection to accelerate Granville in order to capitalise on the very high current Sn price.

The part I like is, additionally, Tribeca have the option to increase their subscription by a further $2m (or 10m notes) in any further fundraising event.

NM has recent form in expanding a convertible note issue with AJQ's recent raise.