Unfortunately NOT is not in a position to go after anyone, period. The numbers just weren't there when they took their shot at FWR, and their ability to fund such a takeover have decreased by more than 50% since then. Simple logic states that anything of this sort would require the payment medium to be on a high, relative to the target, and we are exactly the opposite. FNC is presently in the .40 range, or a 20mill market cap. NOT is at approximately 190m market cap. To have any hope of success in the present situation, NOT would have to offer something in the 80-100mill range minimum, which would mean diluting themselves by better than 50%. For what??? Even if FNC hit another Eagle on their property, would it be worth that kind of dilution? And any hit would result in a much higher asking price.

If this game had been played to win, they would have taken FNC out first, and it would have happened with very little fanfare. They could have then been in a position to take out SPQ without raising too many eyebrows, and been in a much stronger negotiating position against CLF for control of the area.

Instead we opted to turn control of the company over to individuals who had the qualifications to either take this company to greater heights and production, or sell it to someone who would pay megadollars for it. Unfortunately we find ourselves as still an exploration company still looking to find the big one, but controlled by people who know little about exploration techniques, or so it would seem.

best regards

K