Cliffs game of "chicken" continues. See remedy post Nov. 22nd SPQ forum. Dissenter remedy has been notified by Ciffs he/she has 30 days to accept Cliffs offer of .19 per share. Cliffs offers the following reasons for acceptance -

1. offer of .19 is 126% premium of share price

2. Mfields & SPQ Directors accepted.

3. BMO assessments of global takeover premium to share price.

4. Written opinion by TD Securites.

5. Predecessor Board deemed takeover price was fair.

6. No other buyers.

Of course no word was mentioned of two valuations by KWG on just the Big Daddy chromite deposit. A little history and background of Cliffs takeover.

Late May Cliffs announces initial bid for either one or both SPQ/KWG for .13 cents per share.

June 11. SPQ/KWG combination agreement to merge.

June 14. SPQ Board happy with Cliffs increased offer of .165 per share says .165 is a Superior offer than merger with KWG and advises KWG.

June 21. SPQ gives KWG extension to June 28 to match Cliffs offer.

June 25. SPQ/KWG match and agree to amalgamate with shareholder vote by SPQ July 8th

June 28. Cliffs increases bid to .19 per share.

June 30. SPQ reconfirms Cliffs new offer of .19 Superior Proposal.

July 2. SPQ terminates Combination Agreement with KWG and accepts Cliffs offer.

The SPQ Board seems to have been very happy with .165 and must have really loved the increased .19 final price. Interestingly on every release by SPQ, they all carried the footnote, TD Securities continues to provide financial advisory services to Spider's Special Committee with the proposed acquisition of Spider". I do not recall TD coming out with anything supporting this transaction by Cliffs. Did they, and if so, were the shareholders privy to this "valuation". Cliffs must within 50 days apply to the Court for a hearing to secure the Dissent shares and will they really go down that road with KWG having 2 "real valuations" re the value of SPQ? I really admire the Dissenters and I am sure that Cliffs will blink first and they will eventually secure a fair price for their shares.

As for KWG, we saw pretty good volume from 1.5 to 2.7 mill for a few days and then really dried up on Friday with only about half a mil on both TSX/Alpha. I wonder if this volume represents smart investors tackling Cliffs wall knowing their is going to be a good payday at the end. I am quite sure all long time holders are, if not increasing, certainly not selling their shares for this artificial .12 or less, value the manipulators have been holding KWG for so long. Sorry for the lengthy synopsis, but it is nice to have a little detail about what is, and has transpired over the last 6 months. rj