"The fraction of a Cliffs share to be issued per Freewest share will be determined based on the volume weighted average price of Cliffs' shares for the five trading days ending on the third trading day before the effective date of the transaction."

Any increase in Cliffs' share price between now and then simply means you'll get fewer Cliffs shares in return for your FWR shares. It's the equivalent of a cash offer, except they pay you in shares.

Lar"

Yeah... I noticed this also hoov, and its a very important point that should not be overlooked by FWR shareholders.

There is key difference between thse two deals. Cliff's is effectively offering you $0.55 cash for your RoF chrome, as the offer price does and will not change if Cliff's share price does - the offer will be adjusted accordingly to remain the same price. Its effectively a cash deal paid in shares.

When NOT made its offer, it priced FWR at $.3975 (for all of it), but, the offer was share a 4:1 share exchange that allows to participate in the updside of NOT and FWR combined, which is very different offer. According to NOT latest share price, you are now receiving $0.60. If NOT goes to $3.00, for example, you will be receiving $0.75, and there is still the uspide potential of BOTH FWR and NOT properties combined

The bottom-line, is that the Cliff's offer effectively limits your profit on the RoF chrome, to the offer price, where NOT's offer leaves the potential open-ended, but with some risk.

Furthermore, NOTand FWR combined would eventually be sold, as NOT is not a major, just another junior. The Cliff's deal represents the end game, whereas the NOT offer, and NOT/FWR combined, is only the beginning.

The deal, is however, not bad for FWR management, because they get to keep their jobs.

I suggest you very carefully analyse the details of the Cliff's offer, before you are misled by the $0.70 price tag.

Regards,

B.