12 - $5,000,000 and subordinate it to the bank. Lucky Mc in turn agreed to increase its mill capacity by 1,000 tons daily and in effect to grant Phelps Dodge the perpetual right to use at cost 300 tons daily of mill capacity. Here is a new company that has yet to produce its first pound of product but which has raised over $15,000,000 in financing through six distinct techniques and whose equity stock outstanding is valued around another $15,000,000 in spite of the disfavor in which uranium stocks are now held. I believe there is something to be learned from analyzing the financing techniques used by Lucky Mc, for each was a tailor-made solution appropriate to the problem of the moment and rewarding to the existing investors as well as to the new investors. Those who exchanged their stock for assets now have securities worth several million dollars and acquired without cash outlay. The original stockholders who were farsighted enough or foolhardy enough to buy the stock at the original price also have been generously rewarded. The deal with Utah worked not only for Utah's benefit but further increased the value of the stock held by others before the deal was made - The banks have a good loan and Lucky Mc obtained favorable financing through the use of an outside contractor to guarantee its profit margins. This is just a complicated variation of the principle of the tanker loan against a charter to a user with strong credit. The Phelps Dodge arrangement is a partnership of competitors