Don't get too hung up on the $4.50 number. As a NOT shareholder I agree that it way undervalues the NOT shares. But from a Cliffs perspective I would argue that the NOT share price has not seen $4.50 for a year and half and it is approximately double the current price. A lot of shares traded under a $1.00 this year and I believe we have had at least three private placements since R.N. turned down $5.00. if I recall correctly the private placement late last year was for under a dollar a share . $4.50 would in my view be a lowball offer, but if I were Cliffs I would be looking out for my shareholders not the shareholders of Noront.

My point is that it would appear to me that Cliffs could probably muster the resources to make an offer of $4.50 or perhaps as much as 2X that to take out Noront and if at least 50% of the FWR shares are tendered to a combination of the two offers on the table they get FWR as well. The questions Cliffs no doubt is asking themselves is how much could they finance to buy the resource and still be able to finance the development of a mine or mines and is their another player ready to step in with an alternative bid should they move on Noront.