1 - limited confidence in the results and grab the money at a...

1 - limited confidence in the results and grab the money at a reasonable price when its offered.
2 - Very confident in the results and offer a discount raise to someone with a wink wink.
3 - Someone called up and said i want a chunk, but i ain't buying on market as it will take forever and i'm rich and rich people don't wait in line....

None of those options are great when you think about it. But the two I've high-lighted are absolutely disgusting if true. Existing shareholders are shafted under either of those scenarios. A 'wink wink' to allow some outside party to benefit from a) loading up on discounted shares which are lower cost that what existing holders have just been paying PLUS b) getting the unearned fruits of exploration success *or* 'I'm rich and rich people don't wait in line'. Excuse me while I puke.