Cannot add library project reference to IOS project

I want to do a cross platform app, and I need a core project which contains all my business logic, and all the code that can be reusable. After I add a new c# library project to the solution, I canot get my IOS project to get a reference to it, since it says: Incompatible target framework: .NETFramework,Version=v4.0.

I tried changing the project taget, but it did not work either. I also tried adding a PCL project, and this time I can add the reference to my IOS project, however, the references: System, System.Core, System.Xml are all messed up, and there are some objects such as IEnumerable, which are not defined anywhere in this type of project.

Am I doing anything wrong? or missing something here??

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