There is no need to do any financings that would dilute the shares. One of the things Gutnick mentioned in the conference call was that having IFFCO on the board and as a shareholder would enable the company to use IFFCO'S "connections" and network of contacts. When the time comes, IFFCO,whom already must be dealing with some of the biggest banks in the world, will secure financing from one of them.It would not be a difficult loan to make, with IFFCO guaranteeing to purchase the 4 Million tons of phosphate per year. Also I am sure the money would be funded in tranches,drawing on it as construction progresses.

Meanwhile stock is trading pretty good in this range.When the one big seller whose been around for several days(Bank Of NY) moved out of the way today for a short while, the stock moved up pretty quickly. The seller then came back, and sold a block of 100K right at the close at 2.53