By the Numbers

HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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djo

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By the Numbers

posted on Oct 05, 2009 12:54PM

To do the deal as proposed: NOT issued 163,000,000 shares

NOTto issue 57,000,000 shares

NOT $1.59 = $259.170,000.00 4FWR for 1 NOT

Value of deal $64,792,500 less $20,000,000.00 cash and securities on hand =

$42,792,55000.00 for the Chrome

I would think that most of us would agree that as of to date, FWR has a larger proven Chrome resource than NOT to date then how much value does the BoD put on th chrome for NOT ?

The dillution to the NOT shareholders is close to 35 % , given the value the BoD is putting on Chrome is it worth to NOT shareholders. I would think Mr. McEwan would think not.