Interestingly the KWG % has increased from 1.96% to 3.43% during this same period, the difference being 1.47%. Assuming that the value of the fund remained ~ constant at $18.3 million, this would represent an increase in the value of the KWG holdings of ~$269,000.

If in fact those 4.7 million shares of Fancamp have been sold {let's assume at $0.06 which is where the SP of FNC has been for the last 4-5 months, and specifically during the timeframe of large trading volume of FNC shares (5/22/14 to 6/5/14) as noted in my prior post } , the Marquest Explorer Fund would of received proceeds of ~$282,000

Pure speculation on my part but it makes sense that Marquest might have decided to change horses regarding the ROF properties (given that KWG optioned BOLD's Ring of Fire properties from Fancamp) and took it's money from FNC to bet on KWG. Probably what I would have done if I wasn't aware of the prospectivity of Fancamp's other properties, or otherwise felt that KWG would be more likely to maximize shareholder value than FNC, due to a combination of expected near-term SP appreciation catalysts and/or the perceived priorities of the respective companies' CEOs.

Of note, FNC is the second largest of my portfolio holdings (after Noront) , and I have never held a position in KWG.

Cheers,

Luker