"G, you could be close. 100K warrants traded / crossed on March 11, for $0.25. Now 100K warrants traded on April 11, for $0.50. Exactly 31 days! This would have to be an "arms length" transaction, not just a transfer between accounts. The problem here is that the first seller at $0.25 may have a loss, while the first buyer, assuming he is now the seller, has a $0.25 gain.

Buying the warrants at $0.50 Time Value makes little sense. If NOT goes up $0.95 you double your money on the stock, while a warrant would barely twitch. This is not like an option with a Delta of 0.99! As stated earlier, there is no profit until the stock trades above $4.50."

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These 100 000 2014 NOT WRT (which represent about 14% of the warrants whole float!!!) have inevitably been acquired from Freewest tendered shares - at least for the first March 11 seller, so at no cost base. It is also special that the transaction is a round number, and that the same round number appears twice at a sharp month interval! Will we see a 1$ transaction on May 11, and a 2$ one on June 11!!!

I agree with Glorieux that these sales could be part of an internal movement (non arm's lenght), which only the parties involved have knowledge of how this intriguing money movement may be profitable, like for instance creating a gain to overwrite an about-to-expire loss.

As you infer however, objectively, this transaction does not seem to make any sense on a financial standpoint. Unless the 50 000 $ wager is expected to earn a double or a triple short-time, which can be achieved only if the stock is expected to rise suddenly in a short period of time, or if the stock is solidly believed to cross the 4,50 $ mark well before December 2014!

We are just speculating here, but the latter idea is somewhat exciting for the hard-beaten long and resigned Noront shareholders awaiting patiently for the Promise Land!

GLTA.

BaBe.