"My theory is that the placement did not sellout and that since it was a bought deal, TD and/or Blackmont are unloading some of it...."

The new issue was announced the evening of January 27. And it showed as "open" on the TD site until Feb 11 or 12, when it finally changed to "closed". So perhaps it did not sell out. And the rock steady share price during that time period would tend to confirm that the $0.70 units were still available at the time. (Share prices will usually be in a flat line, while a new offering is available in the market.)