I am going to play a bit of Devil's advocacy here.

Spq holders can tender now and get 19 cents/share. CLF now has a majority, and will likley be over the 2/3 point by July 16. It makes sense for KWG to hold out as long as possible, as the preferred route for them would seem to be that they get taken out also by CLF, and any form of pressure they can exert is justifiable.

If they do hold out and eventually force arbitration on the matter, the end result would likely come somewhere between 19 and 27 cents, and will serve to deepen the rift between CLF and KWG. The obvious solution would be that KWG would resolve the dispute as part of a buyout package, with the end result that anyone who chose to tag along with them in the hopes of a higher SP would get another screw turned into them.

Couple that with the fact that a legal battle that ended in arbitration would probably have a life span of a couple of years, and there would be no opportunity to just dump your shares along the way, as the offer would have terminated.

Best regards

K