This is a unique offer.  Be careful with the verbiage in this case the way it is phrased (at least according to my brokerage) "tendering" would be committing your shares to the new Noront.  Option 1 is to do so, but get paid in CDN $ if a squeeze out is triggered (I.e if they don't get the 20% threshold).  Option 2 is the same, but the payout is in USD if there is a squeeze out.  

If you choose NOT to tender, then you have effectively chosen to accept the buyout at $1.10, rather than participate in the new Noront.

Most brokerages have a call center rep dealing with these, and they likely do NOT understand the terms.  Get them to read/send you the bulletin or options to ensure you are making the right election.

Once again the shares that I 'tendered', or made an election for, are the ones that are committed to the new Noront.

GLTA