article on afr today, page-49

lionel,

As of the last quarterly, they had 3.6m.
Then there is the 2.4m from Madame Cheung.
Also, 7m options @ 30c (2.1m).
There is also the 10m from the equity investment (EI) option.
Potentially, 18.1m cash.

There are 39.7m shares currently on issue.
Add the 6m to Madame Cheung.
Add the 7m options.
We don't know how many shares will be issued to the EI group (possibly 5m @ $2?).

So approximately 58m shares on issue for 18m in cash.

Seeing as there are only 20m shares currently available for trade (20m are also escrowed), it's no wonder this thing takes of like a rocket.

I know you didn't ask for the following, but seeing as I'm on a roll...

From what I can make out, STB has (from quartely) :
75.7m shares and 30.3m options on issue.
Cash at bank is currently 4.5m and money from exercised options will come to 9.7m.

So, 106m shares & $14.2m.
Based on these undiluted figures, their Market Capital is $363m ($4.80c x 75.7m). Diluted, it is $509m.

Some options have since been exercised, so some figures have changed, but they remain within those parameters.

Of course, they also have JORCed $40b of IGV Potash.

So what can FMJ go up to? Well, we need to do the following :
1) See at what stage this potential Potash acquisition is at. Is it JORCed?
2) How much are we going to pay for it?
3) How will we fund the acquistion?

Once we can determine those things, we can use STB as a guide to work out a MC, and therefore a share price.
The higher the share price now, the less shares we have to issue. The less dilution, the higher the share price later.

I'm wrapt to be holding, because I know that most people believe that, "Greed is good" so will jump in when that bell re-opens for FMJ.