Rago, contrary to your post please see the following: f/s for year ended Apr. 30, 2012 on SEDAR page 32:

"The completion of the acquisition by Champion of Fancamp’s 17.5% joint venture interest in the
Fermont Properties in the Fermont iron ore district in north-eastern Quebec, which was not already
owned by Champion was announced on May 18, 2012. The acquisition was paid for by Champion
issuing 14,000,000 common shares and 7,000,000 non-transferable warrants to Fancamp. Each
warrant entitles Fancamp to purchase one common share of Champion at a price of $3.00 per share
at any time between two and a half and three years after the date of issue, subject to acceleration in
certain circumstances. The shares and warrants of Champion are subject to a four-month regulatory
hold period and to a six-year voluntary restriction on transfer, subject to the consent of Champion."

According to f/s on SEDAR dated Oct 31, 2016 page 8

"The Company held 10,268,334 common shares Champion Iron Mines Ltd. at October 31, 2016 (2015 – 11,018,333 common shares)."

I hope this clarifies things and hopefully FNC will still have 10m sh o/s to sell when CIA's sp is well north of where it is currently.

Terry

'