Former holders of FWR always complained that $1.00 was a steal for CLF and that they were taken out way too cheap. One must remember though that they were given the equivalent in CLF shares that were trading at $40 US at the time.

Anyone who held on to the CLF shares rather than cashing out, would now be getting the equivalent of $2.50/share. Not bad.

Certainly better than those who tendered to NOT and are currently holding shares worth 1/3 of their value at the time and warrants exercisable at $4.