Noront is trading in the very low 30s.
In my previous posting I suggested that a controlling number of shares COULD/MIGHT be had at about 4 times our trading price.
This is not to say that that is what I would like nor that I expect, BUT it could happen.
I was using a page from not so very long ago of the Freewest buy out. It went for about 4 times the price it traded before things broke out.
Using same ratio, an offer of $1.25 possibly could snare 50% of outstanding shares.
How?
Funds are the most likely to jump off the ship. RCF being a prime candidate.
The reason is that if a fund has an average price of a dollar or less, it might consider enough is enough and a 20 or 30% profit is enough and place their investment on some other stock.

These last two years enough shares could have changed hands to provide a collection of such funds to give someone a controlling amount, I am assuming that one or more entities had some shares from before. All that matters is that their average is below what is offered to them. If Baosteel were the offering party than there already would be a large chunk of shares in their pocket. They are in position to do that.

Ok, many here would say none before 5 bucks, But some here are leaving now for a price in the low thirties (or left at not much higher)! So a much larger number would not if the offer was 4 times present sp?

I do not like to be a devil's advocate but we need to be aware of possibilities. That is the inherent danger with an sp severely depressed for those that invested at much higher prices. ( My highest is $2.82 which was only for 500 shares, more than three years ago.)

Nemis said no to 5$ then. That was a most proper response and I say that it is still now and due to larger known resource at Eagle's Nest perhaps that should be way above 7$s. Those are still my expectations.

On the other hand this is a phenominal opportunity at these prices to average down or even more to enter fresh.

Cheers and good fortune. Ed.