So this property a short 3 years ago was worth over $7.3m+, based on amount of shares and price as well as both NSR's. Has to be worth at least a couple mil still. The following excerpt is from FNC's last F/S.
"On December 20, 2013, the Company completed the transaction to transfer its 100% interest in the Lac Lamelee property (the “Project”) in consideration for the issuance by Gimus Resources Inc. (“Gimus”) of 43,000,000 common shares to Fancamp at a deemed price of $0.10 per share and the grant of an additional royalty corresponding to 1.5% of the net sales price of minerals extracted from the Project, of which 0.5% may be bought back for $1,500,000. Gimus will assume an existing 1.5% NSR Royalty on the Project, which is payable to The Sheridan Platinum Group Ltd. (“SPG”), of which 0.5% may be bought back for $1,500,000, subject to the payment by Fancamp, to the exoneration of Gimus, of yearly advance royalty payments for an aggregate amount of $500,000."
Also looking at FNC M/V and with what KWG, CIA & UBR are currently valued at we are well below where our SP should be and still no considerationn for Magpie or other properties currently held.
Makes you wonder.
Terry
