Poly, you wrote:

What the market is telling us is that at least some investors feel Noront share price is getting higher than these investors feel comfortable with so they're takng money off the table. Obviously other investors have a higher comfort level and are buying.

There is some price consolidation going on so expect some back and forth until concensus as to fair market price is arrived at for share price. This establishes a trading range until confidence builds, or erodes and we do the dance again.

my response:

Poly, do not forget that some people here may have wanted to get into the PP and sold shares at market to raise that money. It is a great deal for them. You have to be a high net worth investor to do this though. That is defined as income of 200k per year 2 years in a row or 300k for the couple 2 years in a row or 1M $ net worth. So these guys sell shares at 2.30, take their capital gains at this point, buy at 2.80 but the flow thru means that they have a 47% (or so depending on income bracket) deduction on their income tax. So these guys are effectively selling at $2.30 and buying back the same shares at 1.65 or so with the only drawback of having a 4 month hold period. If you are long on those shares, than 4 months is not an issue but you just netted about 65 cents per share. On 20k shares, that is 13k dollars for being good in math and having some money behind you-sounds fine with me. So until PP is filled, which I hear even the over allotment of $5M is getting filled-which is very bullish, we may see some pressure on our SP. Once the PP is filled and no one can buy these cheap shares, then the bigger buyers will return to the public market and drive us up again. We are still undervalued just on what we currently have, never mind any step outs.

Glorieux