Not could offer .20 for all shares of SpQ and .18 for all shares of KWG if it committed a total of 222 million for the two, the same FWR was valued at it's offer of .86 if memory serves correct plus warrants plus shareholders would continue to benefit from future discoveries and developments in the Ring of Fire and would continue to share in any future increases in value associated with the development and operation of the existing portfolios. I beleive NOT even went as high as .93 or so for FWR. It would be strategic for Not to move forward here and add control of Big Daddy to it Blackbirds and the BlackCreek JV property. the above is strickly rough math, none the less it does put into perspective the possibility of Not gaining an even greater land package by absorbing SPQ and KWG portions of the UC jv properties. Hmmmm.

Never say never.

Cheers.