"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."

Happy to have your wisdom view on that subject, K. Always appreciated. I agree that tagging along with KWG could end with KWG being taken over or having contractually settled before they have the opportunity to dissent.

One may dissent only if one of the resolutions enumerated in section 190 (1) is presented to be voted. This includes amalgamation and sell of all or substantial assets, or a 'Going-private transaction' or a 'Squeeze out transaction', one or more of which may well arise in a forseeable future because Cliffs will likely not operate the mine trough Spider Resources Inc as it stands. There will be without a doubt transactions involving a merger (with FWR, or Cliffs' subsidiaries), or a transfer of Spider's assets, etc...

Also, the Right to dissent applies to all dissenting shares and to all dissenting shareholders. Meaning that the determination of 'Fair value' is the same for all shareholders, and a court action (if any) is to the benefit of all. If one the shareholders (KWG or anyone else) seeks a fair value determination, the other dissenting SH just have to sit and wait.

Sure that if KWG is no more a shareholder when the dissension opportunity happens, we may lose our tagged along leader and be left alone to seek or negociate a fair value determination... But I don't expect that to happen, and anyways we can be quite sure that Cliffs would not take a chance to lose their day in court. Remedies under the CBC Act are quite simple, and 'user-friendly', and usually not so long-lasting.

My guess is that Cliffs will have no choice that to buy back the remaining shares at the then fair value which will probably be around the Cormacks valuation, and maybe more if more value had been proven out of drilling! KWG will keep eyes wide open on this, we can bet on that!

I do think that holding on my shares and not tender may constitute a fair gamble, and I am glad and comfortable that Frank Smeenk is aboard. I repeat, CBC Act is very protective for minority holders, and there is plenty of precedents proving that, especially when Goliath got the golden pot for peanuts, David will benefit from the equitable ears of the Court.

A Spider share is a Spider share. If the ground worths the moon, I have a share of the moon. Cliffs and his attorneys know that very well. Now that they have the ground, Spider shares are no more a speculative stock. It has a fair and concrete value. Good move, Frank.

Just talking, guys! Do your own DD!

GLTA.

BaBe.