Thats a measily .32 times 33 million shares or 10 million dollars.. at least that is what some investors were willing to discount their investment to.

The true value could come from a different perspective..... someone wanting to pick up a MacFaulds play on the cheap, or someone already there that wants a bigger piece of the pie.

The obvious suitor is NOT.. for the following reasons.

1) the discounted share price is 5.5 million after the cash is factored in.

2) This leaves 5.5 million for the MacFaulds west, Tamarac Jv and Victory properties... some pretty stratigic properties when you look at them....

3) The Goldex royalty and Bristol properties, this would be a nice addition to the Windfall when it is enevitably divested out of NOT. Goldex would enhance the attractivness of Windfall et all as a gold target or a revenue stream to develope the project via an enhanced share price on the IPO. Agneco Eagle would be an obvious sutor for windfall as a takover.... Not often a suitor could enhance value in such a way.

I figure PRB is vulnerable right now to an oportunistic bid from NOT... and I would bet an effort is made to hold the PRB share price down for a few weeks.... JMHO

Offers are allways a function of the last 10 to 20 days trading price... If PRB stays low for any lenghth of time I would expect an offer from NOT on a 1 for 6 basis which would be a premium to market of 40% based on todays trading prices.

This would be a scimpy 5 % dilution to NOT and would add 4.5 million to the kitty... Dave had better be carefull here or PRB could be gobbled up.

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Others could be interested as well... PRB is worth a lot more than the 10 million market cap put on it today by the lemmings abandoning ship. Heck , Agneco Eagle could be eyeballing PRB at this moment..JMHO