HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: KWG- Private Placement
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Noront's percentage ownership of KWG (if they don't participate in the PP) would only drop by about a percentage point, since KWG's float is so large.

I can't even remember the numbers, but assuming that KWG's fully-diluted is around 900m shares, and assuming that Noront owns about 130m (ballpark guesses, I can't remember the exact numbers), then an extra 75m means this:

130/900 = 14.4%

130/975 = 13.3%

And even if the warrants were immediately converted to shares, that's still:

130/1050 = 12.4%

Very rough back-of-the-napkin numbers.

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