I am not sure I follow your drift on "why short holdings were increasing". Flow through shares usually trade at a premium of 10 - 15 percent. In todays economy they are lucky to trade at 10 percent. This is a great move by the company to take advantage of the financial implications of flow through and get more instiutional investment. They are basically paying between $2.20 and $2.25 per share. Thats not going to cover any previous short position. Its nice to only dilute by 6 million and raise another 15 million in cash. Shortly there should be over 50 million in cash to move this venture forward.

Things are looking upward and onward from here