The lead underwriters of a bought deal can act as market maker and add liquidity not to mention trade on behalf of their client accounts. In this case, Dundee took 30% and BMO took 20%. Pretty hard to prove otherwise in a self regulated market where some of the biggest participants in this bought deal also have a say in who the regulators are.

I wonder if Dundee's 30% is just to keep their(Goodman's) % non-aggregate inventory at a certain level or if it is to flog to clients?