firstly, there is absolutely nothing wrong with anyone (new or old) posting the facts ...good or bad.

secondly, there will be many insiders or "freinds of the company" participating in the PP @ 2.80.

some of them will sell there holdings to finance their participation.

i have done this myself with other companies doing PP's ....it's rather precarious because sometimes it causes weakness in share price... ironically, this weakness being caused by friends of the company who are investing in the companies future through a PP.

a few years back some of us were selling shares of SPQ in order to free up capital to do a PP with SPQ.

the shareprice weakend but later came back through the prospects of further drilling.

before the warrents expired, noront hit eagle 1, so i did alright, as SPQ went over 20 cents.

cheers ....danny