I find it interesting that over the last five short reporting periods, the only period for a short postion increase was from April 15 to April 30/08.

Previous to this short position increase, short positons were being reduced at much higher share price trading ranges. Those with short positions were covering their positions (buying shares to cover their short position) with shares that were much more expensive.

For example (as per the following daily trading summary) from February 29 to March 15, the trading range for our share price was $5.76 - $7.42 yet 445K short positions were covered. Then from March 17 to March 31, the trading range was $5.29 - $6.07 and 600,000 short positions were covered. Then during the period when our share price traded within the range of $3.58 - $5.42, the short position increased by 102,500 shares.

One would have to assume that once it was announced that E2 had landed on February 25/08, many who held short positions deemed that it would be prudent to cover their position and did so to the tune of roughly one million shares.

By virtue of the shorts being covered at much higher prices previously, it is very unlikely that the new short positions would have been taken in the trading range of $4.42 - $5.17 from April 16 - 24. Therefore, one can safely assume that the majority of these new short positions were taken when Noront announced the SGS lab issues on April 25/08. With this being the case, these 102,500 short positons were taken within a trading range of $3.58 - $4.63. If we make an assumption that those shorting the stock are very good, maybe they were able to short at an average price of $4.50. Therefore, knowing that the short position for the last period decreased by 93K shares, the shorters would have lost covering their positions as only one trading day (May 1) had a low below $4.50.

Then again, maybe some caught wind of the SGS lab issues before it was made public and were able to short at higher prices than the assumed $4.50.

Milsy1

Trade Date	Open	High	Low	Close	Volume	SHORT POSITION
21-May-08	4.51	4.68	4.43	4.52	281,469
20-May-08	4.6	4.65	4.41	4.48	324,912
16-May-08	4.67	4.7	4.53	4.56	260,147
15-May-08	4.85	4.91	4.62	4.65	205,920	236,900	(93,200)
14-May-08	4.7	5.04	4.64	4.8	384,723
13-May-08	4.66	4.71	4.61	4.64	183,586
12-May-08	4.62	4.79	4.62	4.7	121,789
9-May-08	4.7	4.9	4.57	4.75	337,766
8-May-08	4.98	5	4.68	4.7	154,033
7-May-08	4.98	5.15	4.9	4.92	216,934
6-May-08	4.9	5	4.8	4.93	199,679
5-May-08	5	5.05	4.67	4.95	300,400
2-May-08	5.2	5.25	4.9	4.97	590,575
1-May-08	4.36	5.2	4.35	5.15	637,070
30-Apr-08	4.43	4.49	4.27	4.45	288,320	330,100	102,500
29-Apr-08	4.6	4.63	4.24	4.35	288,586
28-Apr-08	4.22	4.6	4.11	4.58	650,635
25-Apr-08	4	4.3	3.58	4.22	2,317,991
24-Apr-08	4.6	4.6	4.17	4.38	592,100
23-Apr-08	4.84	4.84	4.5	4.6	687,067
22-Apr-08	5.1	5.16	4.85	4.85	408,569
21-Apr-08	5.3	5.3	5.01	5.1	225,760
18-Apr-08	5.3	5.3	5.11	5.16	202,040
17-Apr-08	5.31	5.37	5.25	5.3	155,070
16-Apr-08	5.2	5.42	5.2	5.35	423,360
15-Apr-08	5.41	5.49	5.16	5.23	266,170	227,600	(9,500)
14-Apr-08	5.38	5.47	5.38	5.44	151,659
11-Apr-08	5.25	5.5	5.25	5.33	222,600
10-Apr-08	5.17	5.3	5.15	5.3	301,142
9-Apr-08	5.2	5.29	5.14	5.17	198,625
8-Apr-08	5.25	5.32	5.22	5.22	287,964
7-Apr-08	5.35	5.37	5.25	5.27	602,335
4-Apr-08	5.35	5.38	5.25	5.32	149,656
3-Apr-08	5.29	5.48	5.17	5.25	406,019
2-Apr-08	5.44	5.44	5.15	5.3	450,478
1-Apr-08	5.5	5.5	5.34	5.34	186,045
31-Mar-08	5.51	5.68	5.41	5.55	215,337	237,100	(600,000)
28-Mar-08	5.51	5.61	5.4	5.42	347,576
27-Mar-08	5.86	5.86	5.64	5.69	542,980
26-Mar-08	6	6.07	5.65	5.88	668,247
25-Mar-08	5.65	5.99	5.6	5.96	670,732
24-Mar-08	5.4	5.74	5.36	5.52	502,078
20-Mar-08	5.4	5.5	5.29	5.3	481,215
19-Mar-08	5.8	5.84	5.47	5.55	758,354
18-Mar-08	0	0	0	0	0
17-Mar-08	5.75	5.89	5.6	5.73	653,385
14-Mar-08	6.15	6.19	5.89	6.04	887,106	837,100	(444,800)
13-Mar-08	6.35	6.37	6.15	6.15	385,757
12-Mar-08	6.4	6.55	6.35	6.42	305,265
11-Mar-08	6.3	6.5	6.26	6.4	469,033
10-Mar-08	6.38	6.41	6.1	6.19	377,199
7-Mar-08	6.64	6.65	6.3	6.45	448,537
6-Mar-08	6.98	7	6.3	6.55	649,155
5-Mar-08	6.8	7.05	6.66	6.92	862,256
4-Mar-08	6.42	6.93	5.76	6.89	2,846,675
3-Mar-08	7.2	7.2	6.5	6.57	1,351,654
29-Feb-08	6.8	7.42	6.76	6.95	3,317,527	1,281,900