Good evening Noront
This is a very big deal for NOT.
There have been a few things I have been waiting for in hopes of getting the share price moving:
1. A second Nickel find to match Eagle One.
2. The entrance of a major.
I'll continue to wait for number 1. I'm not sure if Baosteel is what I had in mind for number 2... none the less, it is substantial.
The dillution, could be worse. The standstill agreement- fine. Baosteel is likely our whiteknight just as Cliff's turned into FWR's.
If Cliff's is going to do anything, I suspect they would act sooner then later. The reasoning, why let NOT further define their resource or discover something new? Why let Baosteel gain more comfort in the project or a larger footing in the area. Why let NOT's share price move higher. If Cliff's actually wants or needs NOT, we should find out in 2011.
Final thoughts,
I will be shocked if all the chrome in the ROF doesn't end up in the hands of a singular chrome dealer/supplier. From my perspective, that would mean the eventual bidder for NOT hasn't emerged in the ROF, and also implies CLF's is a target.
As for NOT, the bidding has started at 86 cents.
Assuming the credit markets don't seize, NOT's share price looks very attractive.
regards
cwallace
