Babjak,

You wrote:

"Misfit, Noront may not have the deep pockets as far as cash goes but they have the deep deposit at the Eagles nest and the "confidence "in the deposit."

I couldn't agree more. The deep deposit at Eagle's nest places Noront significantly ahead of FWR at the moment. Based on two year average share price trading (since the ROF story really started to unfold), I would say at a ratio of at least 10 to 1.

But a premium is always paid to get something. 3:5 to 1, I believe our bid is generous, though it seems that Cliff is doing just enough to cast doubt.

Cliff is a $6B market cap company who can throw out a $200 million dollar bid with little consequence to their share base. In return they get all of the potential that is FWR ROF.

Noront must sacrifice a large portion of its existing market cap in order to make this deal a go. Our market cap is close to $450 million based on today's $2.44 share price, so to make an offer of over $200 for FWR is diluting our share base by 33%. Sure we get the value of all that is FWR, but the FWR shareholders get all of the value that is Noront, which in my opinion is worth a lot more than $450M, as I am sure you would agree.

That is why I believe this is truly the final offer. I could be wrong but I hope I am not given what FWR shareholders would gain at our expense these days.

M1.