"The completion of the Proposed Business Combination implies a value to Spider shareholders of between C$160 - C$223 million, or C$0.24 - C$0.34 per Spider share (based on Spider's fully diluted ownership of the combined company)."

...

"The Cormark Valuation does not incorporate a typical industry premium for operating control of an economic mineral deposit."

...

"The significant cost assumption incorporated in Broad Oak's DCF model is that the entire US$1.7 billion projected cost of construction of a railroad to ship lump ores to export market ports is borne by the mining of only the presently identified and assumed open-pittable resources providing a life-of-mine of 15 years. KWG believes that this railroad will serve a new mining district expected to develop at its northern terminus and thus have a useful life that would permit its cost to be amortized over very many decades. Nevertheless, the Broad Oak Valuation indicates that the Big Daddy interest alone has a net present value, calculated on this basis, of from US$0.17 to US$0.36 per KWG share, with the mid-range yielding US$0.27 per share."

Home run! Next inning now!

GLTA.

BaBe.

(Coach Boor's face is turning dark red... Expect his best pitcher being called in)