So what.... that will drill about 3 holes..... then what.?

if they hit that will be great, but if they miss... the share count will be double what it is now.

And thats why FNC is trading where it is now.

Smith waisted an oportunity to cash up with Flow through at $3.00 and $5.00 full wts..... 2.5 million shares and wts would have put 7.5 million in the bank dedicated to drilling..... and if driling was sucessfull anpther $10 million in the bank.

Thus there would have potentially been about $15 balance after sucessfull drilling and only about 33 million shares.

If smith was so concerned about the share count.... why the large option package..... !

Not a very good poker player to come to the table with lunch money in a high stakes game..... just plain dumb IMHO and I did express this to them when I called several weeks ago.

Heck back then I would have partisipated in FT @ $3.00.... now I would want it for a $1.50

That will mean doubling the potential share increase.... a stratigic move missed. Hopefully if NOT has some news he will be more prudent and take the cash when it presents itself.

How soon we forget that FNC was financing a year ago at pennies..... so scoffing a PP @ $3.00 was a stratigic blunder.