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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Message: Cliffs selling $750MM worth of bonds
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I obviously forgot to include the shareholders rights plan in my previous post.

Lets assume a $1.18 MA. This would put NOT's market cap at $220MM.

US$750MM * 1.02725 Cdn/US = Cdn$770

I will exclude our cash holdings in my calculation for simplicity sake.

In my opinion, Cliffs will need to use close to that entire amount for any type of deal to get approved at this point. A lot of people would disapprove but the premium is really what the market cares about and that would be a significant premium

So $770/$220 = 3.5 x $1.18 = $4.13/share

Would this be approved?

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