Poly,

Great post.

I could not agree more. In my posting two previous to my last musing I stated that an immediate method to extract revenge is to buy up .60 cent shares over the next couple of days and possibly weeks. I believe we will see cheap shares until tax loss selling is complete.

If anybody had asked us just a few months ago what we would do if the price had dropped to .60 cents we would have all said the same thing "sell everything we have and buy shares".

Now I know that the landscape has changed and those responsible to us are taking advantage of the current market situation to line there own pockets, but one strategy in this case would be to ride the big money's coat tails.

It struck me that there will be one big difference between this PP and the previous ones. In the past, we had no known resource value. PP strike prices were based on speculation. As such, and is the case in many different companies, many funds purchase shares through a PP, only to short the stock and later cover (after the four month holding period) with their PP shares. A look at the share price falls after the past (post 4 month holding period) two PPs shows share price declines.

But something is different this time and in a sense they have themselves caught by the balls. With a 40% investment in Noront, these institutional funds will only serve to hurt themselves through shorting and depressing the share price. To take out the .80 cent PP shares and short and cover does not serve their best interests due to their existing averages based on the accumulation at $3 and higher.

The recent PP is an orchestrated pre-planned one in my opinion but still one that should reap all shareholders a reward, though maybe not as great a reward as we could have experienced.

To get in at .60 cents today is a gift given the PP strike value. This is not longer a spec stock. It is a stock that can only rise higher, even if nothing else was to be found in the ground, once the demand for commodities and resultant higher prices occur.

The PP is inevitable and they will justify the raising of capital as a normal course of business. It is a gift but at least one that rewards the institutions that put a lot of money into Noront at the right time last February. Nobody was criticizing them when they purchased the $26M in shares at $4 and the additional $26 M in accelerated warrants at $5 last year. Though I believe the PP price should be higher it is what it is and is at least going into the pockets of those who have held a stake in Noront for awhile, some (like Sprott and Pinetree) since 2006.

I will always have a beef with the options as the two co-CEOs are not only giving themselves at gift at .80 cents, but are double dipping. They each get 300,000 options as directors and another 300,000 options as co-CEOs. That is 600,000 options a piece at a price that has only recently fallen below $1. There was no mention of them using Black Sholes as the value determination formula so I wonder how they came to the strike price of .80 cents. As a shareholder I demand that they be accountable.

Why?

At 600,000 options at .80 cents, they price only need go to $2 for each to walk away with a $1 Million dollars a piece for "their work".

Now look at what Richard walked away with. He had 1.8 million shares on hand over the course of his long tenure with Noront. Most of those were at .10 and .75 cent strike prices as he will likely not exercise the large number granted at $5.

Now look at his insider sell record. He did not walk away with millions during the time the share price rose to $7. He held the entire time, with the exception of a small number sold for $4. I do not have the exact number but it was enough to buy a fishing boat and maybe a car if I remember correctly.

He held due to his belief of the value in the ground and in my opinion as a show of solidarity with the common shareholder. Any sell off could have created panic.

So you have a guy who built this company since the early 90s, took all of the stress of the past year with the tremendous expectations on him, and he today sits like the rest of us at the mercy of the new board. Due to his integrity and honor rather than opportunism and greed.

Compare that with the 12 day old directors who stand to make an easy million and it is easy to see why hell cannot burn hot enough.

Drive the Porsches and sail the yachts Paul. In the end you will be proven to be just a shell of a human being remembered for taking advantage of many who previously bore the risk associated with bringing Noront to a place in time whereby you could pull this stunt.

Rousseau I can understand due to their large investment at stake. Newbies like members of the BOD who did not have a previous stake in Noront I cannot. This is a complete joke and a lining of pockets for little to no current work. The share price will rise on its own merits when the commodity markets rebound. I do not believe you will do anything different than what Richard could have done to add value to this company. Prove me wrong by taking this to $20 and I will retract all of my statements. Prove me right by padding your pockets and selling us out for a few dollars while you pocket a million and I will add timber to the fire that awaits.

M1.