Unless something has happened since then, and I don't recall any mention of such an event, I believe Cliff's will not be a participant in any DDI distribution. At least not for the shares they received under this agreement."

As a matter of fact, something happened since then: Cliffs became a shareholder!

I understand from an email exchange I had with Chris Meraw, that in the initial Option Agreement with Cliffs, it was agreed that the option would not give Cliffs the right to participate in DDI distribution, which was about to be completed at that time (ie before Cliffs would exercise its option).

But as we know, the distribution did not go trough then, and Cliffs exerciced its option in full and became a registered shareholder of KWG up to the 19,9% limit available.

So Cliffs now being a shareholder, it will participate in the DDI shares distribution, as in any dividend declared on KWG shares.

GLTA.

BaBe.