ARB traders stands for Arbitrage traders. These are companies that specialize in these situations. They have very deep pockets and pick up the shares of anyone who wants to sell at 97 cents or so knowing that Cliff's will give them $1.00 for them. They make a minimum of 3% in 2 months which is 18% annually-very respectable...but as is often the case, the offer was raised twice by Cliff's so that 18% is much higher.

Noront can either sell into the market to them at 97 cents over a few days or organise a cross trade for the whole amount. Easy money for Noront at the expense of those who tendered. Those who tendered are probably not happy but that is the way the cookie crumbled this time.

For Noront shareholders, this is a good thing as we get even more money in our coffers with little dilution.

Glorieux