From my experience, as WAF is in financing phase, financing...

From my experience, as WAF is in financing phase, financing partner would borrow share from large holder and use that inventory to hold price down for: buy more at cheaper price (short sell and cover); help large holder to negotiate a lower CR price, etc (if not CR, it could be convertible bond, etc).
At the end of the day, intos holder will hold until production, because they are after the gold (as they may have gold order contract to fill, or for hedging purpose, etc).
Also, post CR, there are some supply come from broker, who is selling options for their brokerage fee.