Sorry about the negativism on my last, unusually brief post.

My initial reaction was disappointment to dilution and that management would imply lack of confidence of their properties by financing at .75 when we, they, everyone know it's on its way past $1.00 this week or next. But, I forgot Smith is quite stingy when it comes to dilution, so if he financed at .75c, I figured there must be a reason, and I need to research before emotionally reacting.

Corvette is right that FNC benefits by having some cash now, I discovered after a few phone calls. We do have cash, but it's got designations. This cash should free us to do all the lawyer work for Magpie which has so much demand it will be oversubscribed. Also I heard Smith intends to to spin out to direct shareholder ownership following the IPO. But all that takes cash. Also, Smith wanted the cash to have as an option to drill Lac Lamalee should we need to make an evaluation prior to an IPO.

I am told Fancamp is now in excellent shape to unlock the value of it's properties, and today's finance News Release is good news. I was also told that they're done with dilution until we are much higher. At this point if folks want in on Fancamp, prior to the IPO they'll have to do it on the open Market.

This financing might also explain the lack of volume up to this point. Folks held off buying on the open market, hoping to get volume privately. I'm told Smith had to negotiate who to say no to, which means a lot more people want in on FNC then he's willing to dilute for. It confirms that the interest in Magpie is massive and we will indeed be over subscribed. Now that this is over, let's wait and see what happens to the SP. If folks want it, they'll have to buy in the open market and meed the asks. My thoughts are with Dundee aboard, we should easily get boosted up to $1.50.

I was told there are some special things happening with Magpie metallurgical results and a little something extra but not sure what.

Just a side note. If you are an interested buyer of Magpie, one approach it to purchase a hell of a lot for the Magpie IPO. A second approach is to own FNC shares now. The aggressive approach is to own FNC, which scares me a tad. At this point, I'm sure they could own Magpie for 100mil, 50 mil to Pat and 50 mil to FNC. However, for 100 mil you could also pay 30 to 40 mil more then FNC current market cap. And MF may accept. The higher our SP goes, the safer I'll feel.

-SG