"Can we just not tender and then hope to sell later."

This is what KWG decided to do! If Spider is delisted, you cannot sell your shares anymore through the Exchange, but you still can sell them privately. You will still remain a shareholder, with all rights attached to that status, that is to be called to all special and annual meetings, and most of all, to ask that your shares be bought back whenever your Dissenting Right do apply, and "...be paid by the corporation the fair value of the shares in respect of which the shareholder dissents, determined at the close of business on the day before the rsolution was adopted or order was made" (s. 190(3) CBC Act)

In the present situation, Cliffs being a financially solid and ongoing company, a minority position in its subsidiary which owns the ground out of which it will have to mine, is, in my view, a very good position. Especially with that opting-out device geven by the CBC Act...

GLTA.

BaBe.