That is a real risk FWR shareholders on the fence must think about.

What makes me more concerned about this is that NOT promised us a flurry of NR...which we are still waiting for. If they were no where near the 34%, I believe we would of seen a much more aggressive approach from Noront-something like Cliff's desperation. This laid back attitude by Noront makes me think that they have enough shares tendered to control FWR going forward and that they may not really want more shares tendered at this point. This will limit the dilution to our company but we will still be in control of the Freewest assets and will be blocking any Cliff's deal.

Once this is official, NOT will not extend their offer.

Cliff's will either tuck their tales and go away or will come to the NOT table and negotiate in good faith. So their offer will be off the table for the time being and we will see some selling pressure on FWR quite quickly I would expect.

Glorieux