" ----I think it would be the best of all things if NOT gets between 12.5% ---34%---it gives Not a chance to vote down Cliff's offer for 1.00 for FWR----then they would have to sit down and talk with NOT"
I agree that NOT will likely get the 12.5% or higher, and that Cliff's will get as much or more, and also agree that they should then be prepared to sit down and talk. I don't see though, how this would drive the price up further. If they had been prepared to sit down and discuss things, they could have been doing this thing at .50, rather than the dollar that it is at now.
NOT is at a crossroads here, and they may have attained their goal already. They have raised the bar considerably, and forced Cliff's to act where they have been content to slowly accumulate at lower figures. Let's face it, without this NOT initiative, they could have continued to do PP's at the .35 cent mark until they had complete control. Now, going forward, we know that the FWR holding is worth a minimum of $250m as it stands today. What then is 15m tons of 43-101 compliant chrome, and 15m tons of hi-grade nickel with 4 drills expanding the zone worth?
The second point I would make is if they have 15% of the shares tendered, they have effectively done a $35m private placement at $3.40, with warrants at $4.00. Normal PP's carry a 7% administration fee, which would be 2.5 mill in commissions paid to someone. It has been stated that this effort probably cost in excess of a $1mill to date. If it cost less than the 2.5 mill commission, then we are money ahead there also.
The above information does not originate from me. Rather it is a summation of discussions with several prominent former posters on these forums
Best regards
K
