Ann: Fitzroy IPO Announcement , page-3

Thatsgold,
Sorry for my late reply.

My comments are as follows.

Icon?s market cap is $6.7Mil with 104K shares on issue.

Fitzroy?s IPO.
Raise App $5Mil issuing 25Mil Shares @ $0.20ea.
OF WHICH 20% will be an entitlement to Icon Shareholders therefore 20% of 25Mil shares 5 Mil ($1Mil) Shares.
Icon Has 104K on issue therefore I ASSUME existing Icon Shareholders will be offered 48 Shares for each share they have.
I ASSUME we will have to pay for the Shares @ $9.60 per for every Icon Share we Currently own.
As we are already Shareholders in Icon therefore we own a Percentage of Fitzroy why do we have to pay???
OK if we whish to purchase additional ETC.
I ASSUME King Park Capital is not UNDERRIGHTING THE FLOAT???????
Icon WILL RECEIVE 7.5 Mil shares plus options I ASSUME these will be over and above the 25Mil Shares. Which I assume will be held in ESCROW.

Sorry on first impressions what is the advantage for Icon (No Immediate $ Inflow for Mt carbine) and existing Icon Shareholders if we have to pay up $$$ for an asset we already own.

ALSO ICON IS CLEARLY UNDERVALUED IF ON TENNEMENT IS WORTH $5Mil orApp 80% of Icon?s market Cap.

Maybe I have misinterpreted the announcement?????