ChaunceyG

Excellent information. Now I can sink my teeth in to crank out my take.

- 10M x 0.005 = $50k (Frank was forking out $50k to acquire 10M shares which is not bad for getting...cheap, cheap shares by exercising the 10M wts...$50k went into KWG piggy bank to beef up the cash reserve).

- Disposal 1M shares: Proceed from 1M x 0.05 = $50k to even out the above $50k . Net cash flow = zero, so far.

- Disposal of 150,000 x 0.08 = $12k real cash in his pocket (to pay for a Canadian Rockies train trip, https://www.rockymountaineer.com/en_CA_ON/routes_and_packages/canadian_rocky/circle_rail_packages).

Net benefit:

- Personal: Getting some RR and gaining 10 - 1- 0.15 = 8.85M shares (= quite a few $M, assuming $1+/s). You can throw in a few pairs of fancy walking shoes.

- Voting power: the 8.85M shares plus his existing holdings (some 9M shares? plus more wts and options?) would increase his voting right by about 8.85/750(OS) = ~1.1%

Just a reminder: CLF still has 16%, KWG Shareholder United (KSU) had 72.M shares or ~10% as of May 2012 (but that is not the current situation, could be more or less), Frank has at least 2+%, other directors and friendlies %???

So, can the above combined % take on the 16% CLF?

Just speculating folks, feel free to adjust the numbers if you have better information since these are just off the top of my head.

goldhunter