NOT may have unwittingly timed this offer badly. The current resource sector meltdown is killing the finance/equity market for juniors again. Those who missed the last boat may be sol for a while . That will eventually include FWR and NOT.

FWR holders would now be looking at less attractive NOT stock, whereas a CLF share bid is effectively equal to cash. Whether that results in a greater chance of rejection is hard to say, but it reduces the cost of a CLF counter, perhaps making CLF more determined. Even with one more news release , it is doubtful NOT can give its shares much of a boost in the next two weeks. As well, the U.S. determination to push its dollar up to achieve financing objectives does not bode well for real recovery or resource demand. A good time to be in cash as the best juniors may take more hits in the next several weeks.