Thnaks for your input, Snug.

"...with the Northern Miner Article, we are getting a reporter's words."

A proof that the reporter's words are not necessarily the facts:

From the Northern Miner Article: "Under the support agreement between Cliffs and Spider, Cliffs needs to receive tenders for at least 50.1% of Spider's common shares by the time the bid expires for Cliffs to be obliged to pay for the shares."

Spider have not sign the Support Agreement, and will not do it before the 5 days lapse! But reading the article without having read the source document, one may think that the Support Agreement is signed, so this is a done deal... Rumours start that way... And you know what rumours can do to a stock: the words "KWG is squeezed, game over" may spread and rush the traders to the doors, altough KWG may be working on a surprising reply!

Be aware of words not taken from the source!

The Facts:

- The 16.5 cents offer is a Superior Proposal as per the Combination Agreement;

- KWG has 5 days to upgrade (amendment proposal);

Questions:

- If KWG upgrades beyond Cliffs, will Cliffs add on pennies by pennies (recall FWR) to trigger a Superior Proposal determination?

- If KWG remains silent then, would Spider still reject the Cliffs bid @ 16,5 cents?;

Note that Cliffs ask for 51%+ tendered shares. But they need support agreement from Spider Board.

GLTA.

BaBe.