I just logged into my trading account and noticed that there are just under 6 million shares of KWG at the ask at 13.0 cents.

I'm not someone who is into the technical aspects of trading - I pay more attention to the companies and where they might go, and generally hold for many months at a time.

However, could this be a tactic by Cliffs to keep the share price surpressed?

If KWG were to suddenly rise to 14.0 cents as of close of market tomorrow, then could SPQ turn around and say, "We have received a communication from KWG in response to the 'Superior Offer' that Cliffs has presented to SPQ. Based upon the market price of KWG shares at the close of business on June 22nd, at 14.0 cents per share, and based upon the prior offer by KWG to offer 1.21 shares of KWG for every share of SPQ, this implies a perceived value of 16.94 cents per share of SPQ. The Board of Directors of SPQ therefore endorses the merger proposal as currently being the most attractive 'Superior Offer' to SPQ shareholders, and we currently recommend that shareholders vote in support of the proposed merger plan." ?

Perhaps Cliffs is expecting this as a possibility, and has put up a wall to keep the price of KWG under 13.5 for this week? My level 2 doesn't break down by house positions, so I don't know who has these shares for sale at 13.0.