1.Definitive agreement between KWG and Spider has to be reached by June 18th.
2.If more than 7.5% of SPQ's shareholders intend to exercise the right of dissent, then KWG can withdraw. Maybe that is why Cliff is buying on the open market. "In addition, KWG’s obligation to complete the Merger is subject to, among other things, the holders of no more than 7.5% of the Spider Shares exercising any right of dissent in connection with the Merger"
By the way, the NI 43-101 report is now on SEDAR as well.