" I don't believe that there is an attempt to acquire shares, I believe there is a definite interest in having a low sp on which to set a premium. I suspect the players are already in position."

Exactly. A 50% premium would currently get you around 0.55/share. A 100% premium, around 0.70/share, give or take a few cents. Very, very few buyouts come with a 100% premium. So to those holding from a much higher cost base, good luck.

Look at the historical bidding war for Freewest for guidance. Noront initially proposed to pay one of its shares for four Freewest shares, which represented an offer price of C$0.3975 per share and a 51 percent premium to Freewest 30-day volume-weighted average price.

Cliffs followed that up with an offer of 70 Canadian cents a share for Freewest, with 15 Canadian cents of that in the form of a planned spinoff of Freewest's non-chromite assets.

Noront then countered with a bid worth approximately 0.86/share, to which Cliffs raised the bar to 0.90, eventually sweetening the pie to $1.00

Play with NOT's current share price in a similar situation and see what you get. Sadly, not pretty.