Ann: MOU between Vale and CLE for development Iron Bear Project, page-45

Fin Ex as mentioned was the old Pershing, clearing house for smaller brokers. But I can expand on that further because only one of those brokers is responsible for all that buying you outlined, and I can confirm that would be all 100% RM buying; I called my broker there and he said they were buying all these up as much as they can get - basically can also confirm what another poster said on another CLE thread that they absolutely love this opportunity. Obviously still speculative but with some elements significantly derisked, but it would be reasonable to expect a base case scenario being a buy out of CLE's 25% somewhere down the track in the vicinity of $250m - $350m MC, whereas best case scenario they go all the way and end up with 25% of a multi-billion dollar project which would be easy $1-$1.5bn MC. There is a lot to like about this one, and I am not in the least bit worried about the underwriters/RM shilling out any of the shortfall for a quick buck, they are in it for the long haul.