The actual price paid will be 5.077 mill (if all warrants are exercised) for 103 mill shares, total. That is a 43% premium to todays trading price, so it is not really cheap in that respect, if they are all taken up. My problem is that they only have the option to do so, they have not done it yet.

Further reading on the release, would tend to indicate that they have to have everything done by end of April, except for the warrants will still be outstanding. If things aren't complete by due date, KWG gets to give them 50k back, so really they have only put 100k at risk. A pretty sweet deal for Cliffs, even in these hard times.

Regards

K