Lets start off by being perfectly honest , if you tender your shares it will benefit ME... I hold only NOT. So take this post as biased as you want.

The Math.......

Lets start by saying you have 40,000 shares I hope that is OK and you bought them at .36. Need to start somewhere i guess.

Cliffs offer says you will get a value of $0.90 for each share you own in FWR as value towards Cliffs shares.

So for argument sake lets say the value on Jan 15th is $45.00. You will then own a WHOPPING 800 shares of Cliffs.

Now in the next year cliffs could go from $45.00 to $60.00 . I supose that is resonable.

That would make your potential profit 1 year from now to be

Original share cost = 40,000*$0.36 = $14,400.00

Share Price in 1 year 800 cliffs = 800 * $60.00 = $48,000.00

Total POTENTIAL profit could be $48,000.00 - $14,400.00 = $33,600.00 NOT TO BAD

The Noront offer stae that you will recieve 1 share of Noront for every 3.5 shares you have FWR + 1 warrant at $4.00. That would give you 11429 shares of NORONT...

I will do a couple different numbers so you get the idea...

That would make your potential profit 1 year from now to be

Noront price of $3.50

11429*$3.50 = $40,000 - $14,400.00(original investment) = $25,600.00 Potential Profit

Noront price of $4.50

11429*$4.50 = $51,430.00 - $14,400.00(original investment) = $37,030.50

Add the warrant you then bought at $4.00 to make 11429 * $0.50(difference) = $5714

$37,030.50 + $5714.00 = $42,744.50 Potential profit..

Noront price of $7.00

11429*$7.00 = $80003.00 - $14,400.00(original investment) = $65,603.00

Add the warrant you then bought at $4.00 to make 11429 * $3.00(difference) = $34,287.00

$65,603 + $34,287.00 = $99,890.00 Potential profit..

Noront price of $10.00

11429*$10.00 = $114,290.00 - $14,400.00(original investment) = $99,890.00

Add the warrant you then bought at $4.00 to make 11429 * $6.00(difference) = $68,574.00

$114290 + $68,574 = $182,864.00 Potential profit..

Its all just numbers. You can do the math but there it is.. I suggest you tender but like I said before I am biased.. TTY