I think the problem with the FNC financing was the underwriter who is not top tier FNC agreed even though Peter said he did not need the money It could have been closed at a lower price I believe but FNC would not agree to more dilution It would have closed if it was flow through but it was hard dollars. FNC has too many other properties to agree to a take all take over Take over of just NI and chrome by Cliffs or NOT is a possibility IMHO Keep in mind FNC market cap is under 25M (not fully diluted)

FROM FNC Board

FNC Properties

1. The Beauce/Appalaches properties (Beauce, Riviere des Plantes, Ditton, Clinton, Portage lake, North Megantic, Stoke Mountains, Notre dame des Bois, Mount Megantic, West megantic properties). All 100% owned.

2. The Quebec Titanium/Iron ore properties (Magpie, St.Urbaine, Mingan, Fermont Iron ore (CHM option), Consolidated Morrison/Lac la Blache (argex options). All 50% owned

3. The gold/Nickel/PGE properties (McFaulds, Norway lake, Red Paint lake, ST George's, Desolation Lake, Lemoine, Manic III, Villebon (optioned out). DL and Villebon 50%, rest 100% owned

4. The Uranium properties (Godbout Nord, George River, Dieter Lake, Hanna (option Argex). All 50% owned