"What would be reasonable? How about, as Miskealp1 suggested, $2.00 for the PP. Still one heck of a bargain, and yet $30 million more in Noront's treasury, than with the proposed price. They would still be able to average down considerably, and along with this, pick up as many shares as they like in the open market."

It wouldn't be reasonable if you are trying to make profit of 500%+ when selling the company for 4 or 5 dollars. I can't say that this is what they will do, but based on ARU and their quick PP I'd say they are looking to move very quickly to make profit. I don't think they are interested in holding long on their investment and watching their principal drop to the basement. If the bottom is near, they still wouldn't likely want to wait for the sp to travel sideways for months if they can turn this baby for a profit in the near term and then pick up on other opportunities with their new cash. Many would do well with a $4 sp , others wouldn't, but we know where the new board would sit..... it's called pretty.