From NRs, available public docuemtns, and hypothesis, I made some calculation which seem to make some sense...

1- FNC and SHARIDAN acquire the claims 50/50. (Prior to December 07)

2- Magpie Mines Inc (MMI) is incorporated with three shareholders, P Smith, 1 000 000 shares, De Quadros 1 000 000 shares, Kammaleddind 1 000 000 shares. (probably nominal subscription price, like 1000$ cash consideration each) There are probably 60 000 shares issued to a 4th private shareholder or one or more of the 3 above) (December 07)

(OS: 3 060 000)

3- FNC rolls its 50% share of the claims to MMI in return for 54,921,962 common shares (46.7%) of MMI; (April 11)

4- SHARIDAN rolls its 50% share of the claims to MMI in return for 54,921,962 common shares (46.7%) of MMI; (April 11)

(OS: 112 843 924)

5- First tranche completed PP, 4 406 428 FT shares + 300 000 non-FT shares. (May 2011)

(OS: 117 610 352)

6- Second tranche of PP, 5 293 572 FT shares + 5 700 000 non-FT. (June 2011 ?)

(OS: 128 603 924)

At the end: FNC/SHARIDAN, 43,7% each; PS, MDQ, FK, 0,7 % each; retail/insto, 12 %.

GLTA.

BaBe.