If they ever exceed 20%, they must legally launch a take-over bid, if I remember Canadian securities regulations correctly.

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Need to point out to you MD & paliman, when the Convertible Loan of 15 Million US $ was

issued RCF became controlling Entity by virtue of having an Option to convert the loan

to Noront shares at $0.45 a share US-33 Million.The rule you refer to was waived at the time

because transaction put RCF at approx. 33%, well above 20 % treshold.

And even though the Interest payment is set by 20 day volume weighted average it also does

not apply to paying off of Convertable Loan.As of today RCF holds 63,793,245 NOT shares and

33 Million shares @ $.45 US will require additional shares with CDN $ at some 79 cents US.

Rough calculation by me is this. 63,793,246 plus 33,000,000 plus approx 8 to 10 Million for

foreign exchange will put RCF @ 108 million shares of Noront out of approx. 434 Million total.

Sinserely hope i did NOT confuse anyone.

GLTA

Fossil