I wouldnt look too much into this as being a bullish sign, it looks like this was a case of Mr Ravenscroft simply having a choice to exercie 775,000+ options at an average gain of about $1.20 per share, or let the options go to waste.

He had 90 days to exercize since ceasing to be an insider, as such he did what i'm sure anyone in his position would.

Nice to see cash added to ZEN while not touching the fully diluted float, no doubt.

I would say the most bullish sign we have seen recenlty from management would be the addition of Ken Stowe and the purchases in the open market by Chahar. Some will say that it was only 6,000 shares purchased by Chahar, but still $12,000 out of his pocket nonetheless.

If Chahar didn't like what he saw from ZEN between joining the company November 2013 and mid-October 2014, why would he purchase shares in addition to his 300K+ options he is holding?

He did not have any purchases in November (after puchases in Aug-Sept-Oct), likely due to a blackout period, which should signal....

2-3 weeks until the PEA release and we will finally get to let the numbers speak for themselves!