Cliffs is a US company they never had to report in Canada unless they own more then 10% of a Canadian company, while they owned a PORTION OF FWR they had to report any action on that portion, when they bought it, it became a sole ownership and not a publicly traded company so they dont have to report on FWR. While they owned a portion of SPQ they had to report activity greater then 10% ownership, when they bought it outright and took it off the market they no longer report, because there is no more puclic company called SPQ.

If they increase or decrease their share ownership in KWG while they hold more then 10% it still has to be reported. because KWG is still a Canadian company trading on the exchange.

Cliffs does not have to file a prospectus in Canada because it does not list in Canada. It still is required to report on ownership greater then 10% of any Canadian Corp, All of us do.

If Cliffs incorporates in Canada and offers shares on the open market in Canadian dollars and on the Canadian exchange it will have to file apropriatelly