"FNC would have needed to do a financing to meet CHM cash call And how do you propse Mgt get the price up when the street would know that a financing is necessary"

If that's your argument then sounds like weak strategic management to initiate three active drill programs that depleted the treasury and forced PS to negotiate from a position of weakness as opposed to strength. Read the report on iron ore and you will realize Lac Lamalee is not going to factor in for a long time given over supply of iron ore expected. It was not prudent and considered dead money IMO. http://www.adrianaresources.com/i/pdf/Desjardins_Capital_Markets.pdf]

I know a deal was imminent and necessary - i just don't understand why we were ultimately diluted at these levels with an additional 10 million warrants on top of it.

I would hope the goal would be to get to 2015 with minimal dilution to begin reaping the benefits of the NSR. God know's having equity in any other company (RGX, and CHM's stake) has demonstrated that value and success in another entity does not translate into recognized value in this company. That makes me very concerned that even though we pick up 14 million units of CHM, will it actually be reflected and realized in our sp for what the 17.5% was really worth. History has shown this company trades at levels beyond ludicrous for the assets we have. The big question i am after is Why?

These deals look good to preserve Fancamp's future but they are not designed to directly benefit the shareholders.

By the way, will two people be stepping down from the board to make room for the new appointees? Or are we just going to be giving away more 'incentive' based options (haha).

Thank you for reading. I ask these questions that are unpleasant and annoying for some of you, but it's only because i am passionate (my first mistake) about this company and have always wanted it to suceed. Still do.

Best wishes,

Eudai