Thanks for the clarification. Here is the NR text.

MONTREAL, July 22 /PRNewswire-FirstCall/ - KWG Resources Inc (TSX: KWG) has completed the purchase of a 1% net smelter royalty in the Black Thor, Black Label and Big Daddy chrome discoveries in the James Bay Lowlands for $635,000 and a further $1 million payable within one year plus 15 million common shares and 15 million common share purchase warrants, each warrant entitling the holder to purchase a common share at a price of $0.10 for a period of 5 years. KWG's principal shareholder Cliffs Natural Resources (NYSE: CLF) (Paris: CLF) supports the acquisition as it believes the deposits can be economically developed to supply both North American and some external markets. As 15 million KWG shares were issued to the vendor, Cliffs intends to subscribe for a further 3 million shares in order to maintain its equity interest.

635,000+1,000,000+15M shares (up front) + 15M share warrants.

One hell of a deal IMHO

BB