Not correct CHM owns FNC stock and FNC owns CHM stock

FNC is in much better financial position CHM has to raise money for Fermont FNC does not

FNC can concentrate on Magpie IPO and Chinese off take deal

BOL spending money on Mcfaulds

NSR worth $30M per year when Fermont is in production

FNC is moving toward becoming royalty company

Much more attractive to institutions and investor than it was befor the deal with FNC

FNC much better deal than CHM which is a one trick pony except for its stake in FNC properties

The deal is a terrific transformation for FNC and mgt deserves a lot of credit for pulling it off on such adventageous terms