Def player, There is no way MCC could buy CFE on market for less...

Def player, There is no way MCC could buy CFE on market for less than $400m. Too many major holders would not sell out.

When the deal comes through, CFE will have $400m+40m (opt conv) so around $1 cash per share in the bank. They also have another project which they think when drilled and assessed will be worth $350m. Major holders will not sell on market. There were other chinese firms interested and that is why MCC had to compete to purchase the project.
They don't want to take over CFE, they want the project with the massive iron ore reserves.

The future is bright for CFE.

Personally I am very confident in MCC and think they wouldn't have invested a $10m deposit if they weren't keen to take over this project. IMHO, the due diligence will be a formality and the deal will go through.