The heavy RMK volume since September 14, 2009 (approx. 55 million) likely reflects sales from “retail shareholders”, in addition to P.P. Flow Thru shareholders + Warrant subscriptions. The Warrant Holders likely sold free trading shares exceeding the exercise price and subsequently subscribed to additional common shares with the warrants. 15 million shares sold would provide sufficient proceeds for warrant exercise and provide $2.8 million to treasury.
The “warrant “selling is completed (see below), however does not preclude additional sales from other positions, which in my opinion is at the end.
“In the Money Warrants”
Expiry Date No. of Warrants Exercise Price $/share
3-Dec-2009 326,690 0.10 exercised
3-Dec-2009 2,333,500 0.15 exercised
9-Dec-2010 1,428,571 0.07 exercised
9-Dec-2010 15,714,283 0.15 exercised
Total: 19,803,044
