FormCap Corp (FRMC)

[Phatlander]

Actually if you read the "farm-in" agreement, the capital structure of it favors FormCap, as RainChief takes on the capital risk to fund the first three drills. Thus, if they don't have the cash on hand to pay up front, then they'll be the ones taking on the convertible debt and diluted. That is, if they actually do the drills, and hit some oil. On paper, it looks good. So did FormCaps last drill announcement, even had permits and a driller under contract. Didn't come to fruition though.