1) SPP money is to PAY DOWN DEBT owe to directors & FWL still...

1) SPP money is to PAY DOWN DEBT owe to directors & FWL still OWE some money after SPP... please read reports

(I read the report and no mention of using funds to pay off debt. They specifically wrote that the funds would be used to progress exploration and for working capital)

2) SpringTree is contract for minimum 1 yr otherwise FWL will need to pay break fees $180K... please read reports

(I read the report and Springtree agreement can be terminated at any time if the share price floor price of 12.5c is breeched at NO COST and that FWL can refuse to issue shares to Springtree if share price is below the floor price).

3) SPP is based "FIRST COME FIRST SERVED" basis (please read reports). I know someone put in 1st day received offer letter & got all 300K shares. You must left to the last min. Also FWL announced "over-subscribed" on the last date before closing, because first-come-first serve, people leave to the last min. then got scaled back.

(Yes you are correct)

If extremely over-subscribed, why don't everyone buy 'on-market' right now 100,000 @ 5c; probably can pick up 1m shares under 5c if Sin Tang keep doing this.

(Someone's been buying the shares at 5c and below and I know it is not all by Sin Tang and partners. I for a start have 600K below 5c, my brother 200K at 5c and I am top of the buy line for another 298K at 4.6c so if Sin Tang are selling they are not selling to their mates but to me. I suspect others that missed on the SPP are doing similar trades.)

4) Sin Tang lock large losses... yes! this is NOT enough to off-set massive capital gains from Sphere Minerals they invested. (Sin Tang have not reduced their holdings since the initial sales in September!)

(If they are offsetting capital losses I see no reason why they have not sold out already. Brett advised that they have not sold any shares! I assume you are insinuating that they must have a 31Dec F/Y for Chinese companies and if the case they have no hope selling 10M shares in 4 weeks!)

5) If Sin Tang wants to takeover, should do so quickly otherwise TFA International might vote against them.

(They can't do it under their name unless they have prior firb approval so must use an aussie company. They would have to offer more than 20c to get it through because otherwise we elect to keep the Taifeng deal)