spider,

I only look at the Glob & Mail chart (intra day price and corresponding volume) to have an idea of the "macro" trend. I presume the detailed stuff would be in level 2? (never tried to find out how to access this, do you have to pay?).

Anyway, the macro trend showed that price started to move up just after 10am and stayed above 2.10 (the exercise value for the of the 5.625M wts). About 30% of the shares were traded during the last hour before closing from 2.17 to the closed at 2.21 (was the 22k @2.21 taken out...did not appear to be the case from the G&M macro chart).

It would be an interesting situation if the SP stays above this level after the long weekend. Let's assume 2.21 for the sake of argument. Difference 2.21 - 2.10 = $0.11. If, instead of buying from the market, AEM may decide to exercise the 5.625M wts @2.10, for a saving of over $600,000. But this would bring their holding from less than 10% to about 16% (taking into account the dilution) = insider.

- Option 1: Exercise their wts at the first opportunity, before the SP increases beyond $2.21... and to become an insider to secure a block of 16% (and for a saving of about $1M?

- Option 2: Do nothing. Just sit quietly below the radar?

- Option 3: Buy more shares from the market, and keep the 5.625M wts as their dry powder. They would play this card when/if required

- Option 4: Perhaps, it would be better to let some friendly entity to buy the shares (with some agreement to deliver the shares to them at some profit? legal?) so that they don't become an insider?

- Option 5: What to do, if some majors start appearing in the room courting young PRB.

AEM may lose some sleep during the long weekend.

Care to speculate?

goldhunter