Here's the deal.
The other day, Richard as quoted in the Northern Miner said "maybe they - Rosseau have 40% support" (not verbatim)
We know that Sprott had 9.9%, Rosseau 9.2%, Pinetree 7.9%, Genuity 2.3% (based on 3.0M shares) = 30.2%. When this dissident campaign frist started, Rosseau had stated a 30% support. Were these the supporters?
In order for Rosseau to have the 40%, they would likely need the support of Lassonde and McEwan. At this point, there are all variables.
Over the past few months, team Noront has been suggesting that there is a strong possibility that they would like to JV with a major to further exploration at JBL. (Again, whether this is legit or perhaps a tactical move remains to be seen). Now, how do Sprott, Pinetree and the likes view this development? Well, they bought in at a private placement of $4.00 with warrants at $5.00 and now they are being told that they likely will not have an opportunity of participate in any future PP's because Noront will JV with a major.
Along comes Rosseau. "Hey Eric, hey Sheldon, support me in my dissident proxy and I will ensure that there will be a very cheap private placement for a huge amount of shares. How many you want?" Okay, done deal.
Everything is going along swimmingly. All dissident supporters are doing their part to demoralize us retail shareholders by beating the crap out of the share price. And even better for them, they have been selling shares down from $1.25 (or thereabouts) knowing that they are going to be able to replace them with these CHEAP private placement kickers.
Now, let's assume as some have mentioned that Rosseau at this point (or any other dissident supporters) believes that they are going to lose this proxy. So Warren, with his playground mentality starts selling. "I'll show them"
If I am Sprott or Pinetree and I believe that this dissident proxy has failed meaning that they are not going to be afforded the luxury of a Cheapie Private placement as hoped for, would you not think that they would be all over buying at this price?
Help me out here.
Milsy1
