In October 2015, KWG issued 25 million common shares from its treasury to FNC, at a deemed value of $500,000, of which $300,000 was credited as a reduction of the exploration expenditures under the agreement from $8 million down to $7.7 million

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MaCloud...........I have enjoyed reading your comments ever since becoming FNC investor.

There is a slight difference in fact regarding the JV you are refering to.

Of the 8 Million expediture KWG has completed all but $ 2.2 Million and that amount was

reduced to $ !.9 Million to be expanded by Sept 31/2016. KWG IMO can not issue share

in that amount since 1.9 million needs to be hard cash paid to drillers and other

conractors. If KWG fails then BOL has a shot at a JV for a period of 6 months.

That is why as of now FNC still owns 100% of Black Horse.

It will be extremely interesting 3.5 months. Fasten yor seat belts!

GLTY and all,

Fossil