Everyone should keep in mind that CLF owned 20% of KWG, not SPQ. There is no insider problems between CLF and SPQ, nor are they required to have an evaluation done. They are wide open as far as bidding what they want, when they want, with no fear of regulatory repercussions.

KWG, however is a different story. CLF is an insider, and as such is required to have an evaluation done before proceeding with an offer, and the offer must reflect this evaluation. At the start of this takeover, CLF indicated that they planned to make an offer for KWG, and requested an evaluation be done for that purpose. In the second round they announced the request to cancel the evalution, and said they were not proceeding with the KWG offer.

The indication from the above is that CLF cannot now decide to make an offer for everything including KWG, as they would first have to have that evaluation in hand. unless the offer was such that the BOD of both KWG and SPQ agreed to pass on that requirement. OR KWG will have completed the evaluation, shown it to them, and CLF does their thing with the increased offer. Either way suggests greater thing for us as shareholders.

We have to remember, that in 99% of these battles, things will get resolved to the extent that they will all stand for the final picture, with big smiles on their faces, telling us they love us, and are settling this thing amically with our best interests at heart.

Best regards

K