speedy, Baosteel bought 9.9 percent of Noront at a share price of 80 cents per share.

Shortly after that RCF bought 9.9% of Noront for 52 cents.

Over the years private placements took place. Baosteel chose not to participate in further placements.

Baosteel's percentage of Noront is probably around 6% due to dilution. 

RCF on the other hand have increased their position by providing a loan to noront and taking shares in return for the interest payment.

The  conversion was originally 45 cents  back in 2013 for this loan.

They also changed the terms of conversion from 45 cents to 34 cents to deal with dilution from their % of ownership over the years due to private placements.

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People that read the information in the MD&A will not be deceived by some on this board.

The loan was extended to Dec. with SAME 34 cent terms.

If RCF wanted to change it to 15 cents they could have in return for extending it until Dec. 31 but the terms stayed at 34 cents conversion!

The fact that extensions have been month by month shows me that Noront and RCF are waiting for something to happen before a deal of sorts is done. Could be a deal on the USMCA.

For those that continue to bash RCF...Perhaps re-read my Paladin post one more time and keep in mind that Resource capital funds bought Paladin shares at 8 cents back in Feb 2004.

link below:

https://www.asx.com.au/asxpdf/20040226/pdf/3ks33qjzc7qyr.pd

It might be an idea not to jump to negative conclusions in the case of RCF-Noront.

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