First, there was no need to halt as people had time to read the news well in advance of any further trading.  If the intention to offer came in during the trading day, then yes, they would have had to halt.

Second, oddly enough, we have not heard anything from the FN's yet.  I remember when Noront bought Cliffs ROF assets, the FN's wanted to get in on the bidding.  Furthermore, some of them own shares of Noront, and I suspect they will not be able to hold an equity position in a private company?

Third, Franco has a large loan outstanding and may have plans of their own, or work with another company to try to realize a higher price.

Fourth, some shares actually traded at above the $.315, so someone thinks this is going for a higher price.  Regardless, they are in play now and I'm hopeful someone will come in with a higher offer.  Most that have been in this for a long time will be realizing a loss with this low ball offer.