In 2-quart saucepan, melt butter over medium heat. Add brown sugar and honey; stir until well combined. Cook over medium heat 2 to 3 minutes or until sugar is dissolved. Remove from heat.
Add cereal, cranberries and almonds; fold in to coat evenly. Line large cookie sheet with cooking parchment paper. Place 2 1/2-inch round biscuit cutter on cookie sheet. Spoon 3 rounded tablespoonfuls cereal mixture in center of cookie cutter; press firmly. Remove cutter. Repeat with remaining cereal mixture. Refrigerate 15 minutes or until set.