What am I missing ? CF management has seen the BFS so they have insider information . They can't trade because they have insider information . They won't be able to trade untill the BFS is released .

What are you missing? Well please explain to me how there is a company imposed blackout back in February yet the two largest shareholders were not blacked out? I believe that this was confirmed by management (i.e. that David and Ernesto were not part of the black out). While Elmer is working to “increase shareholder value”, ultimately he is working for ES, as whatever transpires will be decided by him. So if it is as straight forward as you say, answer me this: would the majority shareholder not have been privy to the BFS info that you insisted was the reason for the company imposed black out? I am not certain of the security laws related to this but something tells me you wouldn’t be able to fund the company via private placements if you were blacked out due to insider information. It just doesn’t make sense.

Now further to my own personally confusion, you have warrants that were granted to Ernesto that should have expired at the end of September. These obviously have not been exercised nor have they expired. So now the only thing to assume is that he is blacked out. Is this recent?

So ultimately it boils down to one thing. Can you participate in private placements when blacked out? I tried searching the internet and was unable to find anything related to it. Perhaps you are able to answer this?