Since Cliffs might have decided to hold on to it's chromite assets, perhaps conclusion of the offering is needed before the option between KWG and Bold is met. We might get two news releases: option and offering both met?


KWG ANNOUNCES OFFERING TO RAISE BETWEEN $4 MILLION TO $10 MILLION

Toronto, Canada, August 18, 2014 KWG Resources Inc. (“KWG” or the “Corporation”) is pleased to announce that it has filed a preliminary short form prospectus (the “Preliminary Prospectus”) and has obtained a receipt from the securities regulatory authorities in the provinces of British Columbia, Ontario and Quebec in connection with a marketed offering (the “Offering”) of Units (as defined below) and Flow-Through Shares (as defined below) to be made in the provinces of British Columbia and Ontario.

Pursuant to the Offering, the Corporation is targeting to raise minimum aggregate gross proceeds of $4 million (the “Minimum Offering”) and maximum aggregate gross proceeds of $10 million. The net proceeds of the Offering will be used to: (1) continue the development and commercialization of the new methods of production of chromium iron alloys from chromite ore and of production of low carbon chromium iron alloys (the “New Production Methods”); (2) conduct a drilling program at the Fishtrap Lake project; (3) continue the Corporation’s exploration program at the Koper Lake project; and (4) augment the Corporation’s working capital.