Grafoid Grafoid should acquire FMS at the same conversion as the RTO of SRA 25-1. Net net would mean 10m newly issued shares (excluding the 7.8m FMS owns). FMS shareholders would receive 18m shares or thereabout. Grafoid would assume the debt and Lac Knife. Sell Lac Knife in time to cancel out the debt. Grafoid would end up with 62m shares exclusive of any raises they might do.