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Line a large baking sheet with foil; set aside. Place cereal in a sealable plastic bag; seal bag. Using a rolling pin, roll over bag to crush cereal lightly. In a large bowl, combine crushed cereal, 1 cup cashews and cranberries; set aside.
In a medium microwave-safe bowl, microwave candy coating, nutmeg and cinnamon, uncovered, on High for 1 to 1 1/2 minutes or until candy coating melts, stirring every 30 seconds. Pour melted candy coating mixture over cereal mixture; stir until thoroughly combined.
Quickly drop spoonfuls of the mixture onto the prepared baking sheet. Let clusters stand until firm, about 30 minutes. In a small saucepan, heat chocolate pieces and shortening over low heat until melted and smooth. Drizzle clusters with melted chocolate mixture. Sprinkle with finely chopped cashews.