Ringer,

It was Cliffs wanting KWG years ago. Spider took the deal.

http://s1.q4cdn.com/345331386/files/doc_news/2010/CLF_News_2010_5_26_General_Releases.pdf

Cliffs believes this proposed share-exchange merger between the two junior mineral exploration companies, which lack the

technical expertise and financial strength required to develop the Big Daddy chromite deposit, provides little, if any, value to

either KWG or Spider shareholders. Cliffs believes that its proposals of $0.13 per share in cash to the shareholders of each

company are clearly superior to the proposed KWG-Spider combination from the standpoint of both company's shareholders

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At the time this 13 cents put a value of almost 75 million on kwg

kwg's market cap today is around 15 million (and KWG has more assets today than they did back then), when you consider the gas patents and the Fnc/bold deal.