Ann: Completion of Share Placement, page-9

I am guessing from the trails of things that happened. They probably planning to do a CR middle of last years and discussed these with some of the top 20 shareholders. Perhaps, some of the top shareholders (previous directors who resigned) do not intend to participate. As a result, they were dumping in the market (all the way to 3.7cents). Larry Gan (the current director) and Jeff probably took them off the market. This can be validated if we get to know who are the top 20, I bet there were many off market transactions that are not reported, especially those that does not involves the board hence no disclosure is needed.

I am not sure about your position @japanfresh, if they do a CR at the 4 cents, I am not sure if all the shareholders may pick it up, if not then the benefit will go to brokers' retail clients (who may not be long term). I am glad that a private placement took place, at least the register is tightly held.

If the results continue to improve, I am sure in no time this will shoot up given that most holders wouldn't let go until it is back to 20cents.