FNC situation is getting more and more ridiculous.

Current Market value:

- Market Cap: $20M

- OS: 75M

- SP: $0.265

Assets:

- Cash: $10M or so after the latest placement (a guess)

- 17.5% CHM (Cap: 169) = $29.5M

- 9M RGX shares: x$0.80 = 7.2M

- Magpie:much better than RGX ($85M), in the $100M range

- Lac Lamelee: Large deposit (could be in the $10s - 100M range)

- McFaulds: Black Horse high grade chromite, Ni potential (JV with BOL), next to NOT and CLF wants a transportation corridor to the south. (in the $10s-100 M range)

- etc

Total Assets: 10 +29.5 + 7.2 + 100 + 100 + 100 + etc = $46.2M +300M +etc

For the sake of argument, let leave the 300M + etc aside and consider the asset of a min of $46M compared to the market cap $20M.
hey, perhaps a few of us should band together and pay $30M (50% premium) for the entire company (having a min asset of $46M) for a cool profit of $16M. Somebody may have the same idea and take a run at FNC. Did I do my math correctly?

goldhunter

--------