I'm sure the whole thing was pre-arranged with PAS, ARC, and DnB. It probably went something like... "If you get greater than "x" flow rate, we'll buy the entire private placement, and the price will be the 1 week average close price in Oslo." Having said that, it would be nice if it was price to volume pro-rated so we get a nice boost from that 40M shares traded on Feb. 23. How you avoid doing "insider trading" having that knowledge though...

Notice the timing on all the news releases.

Feb 23 - flow results (session 1)

Feb 26 - Q4 results

March 1 - Updated NSAI report

March 1 - PP announcement (5 trading sessions later)

March 2 - Close of PP

What we haven't heard yet is about a line of credit QEC has or intends to setup with a bank. Being from Alberta the banks should understand this industry rather well and you would think they could get a reasonable rate. I'd rather we pay a bank 5% interest than dilute our shares by 15%. Again though, I'm sure QEC knows exactly how much capital they will need to get through the Pilot and initial part of the Production phase before they can finance further growth organically. We may yet see an annoucement on a LoC to further increase our available cash.

Having an accountant as your CEO certainly helps on the finance side of things.

Brym