"...Spider’s chances of accepting the offer are bright as it has admitted that Cliffs’ current offer is superior to the terms of a proposed merger with KWG Resources Inc. that it is also mulling. However, KWG has valued Spider at 16.5 Canadian cents (16 US cents) per share for the merger."

False as per the first June 29th KWG's NR, where KWG stated that the KWG Committe did determine that the Cliffs 0,19 $ offer is not a Superior Proposal (as defined in the Combination Agreement).

Meaning that KWG is of opinion that the result of their amendment proposals (NSR + diamonds claims, etc...) is not only matching the 0,165 $ Cliffs offer, but it is even superior to 19 cents. Which statement is consequent to the Cormacks appraisal they had just received.

The Valuations may not be filed at SEDAR, but they may certainly be as a Court exhibits!

Anyways, this is all depending on how many votes will CLiffs have in hands by the 5th of July. I believe that the Combination Agreement allows KWG to force Spider to hold the Special Meeting to get the shareholders to vote on the merger. But it may be of no use if Cliffs has 34% total with the sollicitated proxies.

So. All have to wait until 00:01 on the 6th of July. If KWG files an upgraded Proposal (not likely since they said it was not necessary), they know that Cliffs will trow a few pennies to overpass the offer. Same situation than NOT with the FWR fight.

So the only things that KWG may do is 1) surrender and let Big Daddy control go to Cliffs. OR 2) file a court application contesting the Spider's Committee determination.

If it is clear that Cliffs will vote the merger down, it is better to have no Special Meeting. Because we could find ourselves with no merger, and perhaps no 19 cents either (if Cliffs has not got 50,1% tendered shares).

Eager to see Frank's next move... Curious too to have Neil express his views to his shareholders...

GLTA.

BaBe.