BigD, you are quite correct, because FNC is so thinly traded (everybody's sitting tight) it would not take much to move the stock SP up or down, big time. Just two sizable trades, 88.5k and 20k shares, near closing to get it down from 0.31 to 0.28 (10% drop). An explanation would be that somebody was/is trying to keep the SP down, just shaking the tree a little to sacre off people. For deep pockets who are smacking their lips looking at FNC Market Cap of $25.5M, with all the holdings below, taking a loss of 10% (apprx $3k) is really nothing, and worth every cent to keep the SP low in preparation for a low-ball offer (says my tea-leaf reading).

- $8.4M cash

- 17.5% CHM: $151.5M x 0.175 = $26.5M

- 9M shares of RGX: 9M x 0.82 = $7.4M

- McFaulds: Millions, JV with BOL, property valuaable to NOT (Ni and elbow room for Eagle operations) and CLF (transportation access). Note: NOT (with Baosteel in its corner) may want to gobble the whole FNC for McFaulds and the Fe and Ti properties.

- Magpie: Millions, spin-off and IPO coming

- Lamelee: Millions

- Desolation: Millions

- etc...

Just the second item (17.5% CHM) alone is larger than FNCmarket cap. The rest $15.8M cash and cash equivalent along with millions (many, many) of dollars could be had for FREE.

FNC is a sitting duck!

Perhaps, it's time for FNC retail shareholders to initiate some thing similar to what the folks on PRB and KWG boards are doing. Each has a tally of more than 10% of the OS from a small group retail shareholders (less than 100 shareholders) who are willing to band together to form a block of votes to be reckoned with (for blocking a compulsory tendering).

goldhunter