Kingpin,

Goldcorp could be the entity since they lost Osisko Malartic to Yamana and AEM (came later to team up with YRI to seal the deal). They beat G's overture for Osisko mainly from the relationship issue. Osisko and G did not seem to have good chemistry together.

We can only speculate, but whoever the entity for the PP (9.9% of PRB) paid a lot more money than AEM did for 7.5M shares @ $1.50/s plus 5.625 wts (@$2.10, which is in the money). Without the wts AEM has 8.8% of PRB (OS: 84.8Ms after the closing of 8.4M/$26M PP). AEM has an option to exercise the wts for another 6.6% (total: 15.4%), but this remains to be seen. The 8.8% did not take into account the sale of some small number of shares (as I recall), however this is not that significant.

I still don't understand why AEM would sell them practically for "petty cash" (to send somebody a signal?). But, what kind of signal? If PRB does not behave (e.g. looking for another guarding angel) then AEM could sell out and move on? I would say moving on is a possibility of AEM, since it has enough work digesting Osisko (burp!). But selling some small amount of PRB stocks does not help a potential exit.

It would be a good idea for the CEO of a company (presumably he has been practicing the strategies in Sun Tzu's the Art of War, one of which is deception. In other words, he could pretend that he has all the intention to acquire PRB and ready for a run at it (to stir up the competitors, of course). He would make all kind of noises and participate in the initial bids, as required, but would drop out in the last minute, for a nice profit when the price is right.

Another question to consider: Would PRB consider G as a trustworthy guarding angel and potential suitor, compared to AEM? May be a third choice, a deep pocket, will emerge during a bidding war for this growing 7M oz Au deposit located in a well-serviced district and politically stable jurisdiction.

Enough speculations from an arm-chaired strategist.

goldhunter