Why would Cliffs need to sell bonds now? Why would they need cash now?
They could easily find financial backers for their aquisitions.
My experience has been that first offers are usually all stock offers. Cash is added
in on second offers OR on first IF the shareholders are considered a tough nut to
crack.
I have rarely seen an all cash offer. These are done to persuade very reluctant
shareholders.
More than one prospect must be on their mind and the total must involve a substantial
dollar amount for them to go this route.
If they are just refilling their coffer for normal operations then their coffers
are already dry?, I doubt it.

Noront management must be sitting on drill results by now. I can not believe that after all this time that what was reported so far is all. I think they are sitting because they, like us, are expecting something to surface and they want ammunition to fight with. At the very latest they might release the remainder before the AGM BUT do not bet on it.

I am very anxious and suspicious.