DDI is not an empty-shell, in fact. The last audited FS (31/12/2008) clearly states on a Note (#6b) that a rollover took place in April 08:

"In April 2008, the Company transferred to its wholly-owned subsidiary DDI, the diamond group claims. The fair market value of the mining assets transferred was evaluated at $7,000,000."

But what is interesting, is that we've been cheerly announced that we would get those DDI shares, and we just awaited them to come, like if this was easy business, the prospectus was filed, etc... But...

In an October 2008 NR,KWG stated that it"...transferred all of its diamond exploration interests to Debuts in order to facilitate delivery of their value to KWG's shareholders, possibly as a tax-free return of capital via a dividend of some or all of the shares of Debuts, however KWG has not yet made a final decision among its various possible business strategies for Debuts and a tax-free return of capital is not a certainty at this time." Oops! Gears suddenly need oil or what??? "We told you, errrr..., but we didn't really, I mean...we didn't.... want to mean it..., sorry..." (The tax thing is a complete delusion, IMO. And double-check the wording, it's amusing... "...however KWG has not yet mad a final decision... Funny way to withdraw the candy)

If we look at the photograph right there, we can see a shadow appearing in the left corner... Not sure, but ... yes, it seems to look like...Mr Watson?? Remember Summer of '08? The FWR halts, Massive Chromites hits, flurry of NRs...? A certain Mr Montgomery is out of frame, but I have a feeling he's giving a worried eye at the scene...

January 09: The Big Entry. Cliffs options 50MM shares, + 22MM warrants, + convertible debenture (additional 21MM Shares and 9MM Wrts). A Shareholders Agreement is signed (it's serious guys!) I tried to find a copy, cannot. Maybe some clauses may be interesting to look at. (Was Joe Dwek already there? There so many events and dates, I'm mixed...)

March, April, May 2009... Lots of talking behind the doors then, I recall. Mac confirmed that more than once. Cliffs had accumulated a full load of shares and warrants in KWG. And also in FWR, and it would add a lot more soon.

Noront made its move in October 09. A new game was playing... The "Chromite Battle". We now know the outcome. Cliffs in the King of Chromite. Railroad is coming.

KWG is now a fully-diluted 0,6 Billion Shares Corporation. Held by Cliffs@ 19%, and Mineraldfield @ ??%. How can we get 'our' DDI shares in the way it was promised? Hemmm, I'm eager to see what Mr Smeenk will do with this somewhat stinking file... This Spin-off idea was a shareholders-oriented move, I applaud. But are the values used then still usable? Are we gonna get them? Needs cash for exploring, and forVictor. Where is it to come from? DDI will apply to be listed. Big deal. Our tiny DDI shares would look like peanuts after dilution to earn cash. Who now has the time and momentum to work on this file uo there?

We are certainly missing something. Clearly, this spin-off of diamond claims was envision in expectation of a merger, or a takeover. The project lost its fuel somewhere between the Fall of 2008 and early spring of 2009. The expected takeover/merger did not come as planned. It seems that we have now to share the table with an new guest...an ogre?. What will happen? CCC will go to Cliffs for peanuts. DDI will be trown at us like a bag of peanuts. Too pessimist, I may be? I would hope that I'm wrong. I hold those shares for so much time!

Just talking, guys.

GLTA.

BB.

All those shares/warrants were issued to Cliffs (its oversea body) before April 09.

The rollover was made against shares and warrants of DDI issued to KWG. These shares still do not appear as Assets in the Balance Sheet ( ie as "participation in a subsidiary"). I'm surprised. I'm not an accountant, but I guess it may be part of the consolidating rules not to account a subsidiary holding as a specific asset...