"BB,are you saying that FNC will still have 43% of Magpie Mines AFTER the IPO?"

This is BEFORE the IPO.

I may be wrong, but (again), here some conclusions based on previous NRs and gathered infos:

1- FNC and SHERIDAN acquire the claims 50/50. (Prior to December 07)

2- Magpie Mines Inc (MMI) is incorporated with three shareholders, P Smith, 1 000 000 shares, De Quadros 1 000 000 shares, Kammaleddind 1 000 000 shares. (probably nominal subscription price, like 1000$ cash consideration each) There are probably 60 000 shares issued to a 4th private shareholder or one or more of the 3 above) (December 07)

(OS: 3 060 000)

3- FNC rolls its 50% share of the claims to MMI in return for 54,921,962 common shares (46.7%) of MMI; (April 11)

4- SHERIDAN rolls its 50% share of the claims to MMI in return for 54,921,962 common shares (46.7%) of MMI; (April 11)

(OS: 112 843 924)

5- First tranche completed PP, 4 406 428 FT shares + 300 000 non-FT shares. (May 2011)

(OS: 117 610 352)

6- Second tranche of PP, 5 293 572 FT shares + 5 700 000 non-FT. (June 2011 ?)

(Note that I did not see any NR confirming the Second Tranche of the May 11 PP...)

(OS: 128 603 924)

At the end (and immediatly before the IPO): FNC/SHERIDAN, 43,7% each; PS, MDQ, FK, 0,7 % each; Private placees (JDM,,,,), 12 %.

If the IPO is made for, say, 20 000 000 shares, then FNC would be diluted to 54 921 962 / 148 603 924, or 37 %...

GLTA.

BaBe.