HEDSEEKER

If you look at the price history prior to April 6th SP was in the .70 cents range. It started going up to $1.66 on May 12 then dropped to todays price after the news release on the offering on May 19 ( same day coincidentally as Scotia raises it's target to $1.25..

CHECK OUT TIME LINE compare these dates with the historical price history.

May 12---1st quarter results made public

May 13--R. James raises CLL to outperform with a target of $2.25 ( hasn't been changed yet)

May 19-- CLL makes vague announcement of public offering, no price or QTY

May 19--Same day-- Scotia raises CLL target to $1.25 from .75

May 26( you may or may not want to include this apparent illegal leak)

May 27--CLL announces the official deal

excerpt from news release

The Offering will be conducted through a syndicate of underwriters with RBC Capital Markets as sole bookrunner and co-lead manager, together with Credit Suisse Securities (Canada), Inc. and TD Securities Inc. as the other co-lead managers and Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd. and Raymond James Ltd. (the "Underwriters").

Now principal player - RBC , surprise surprise the apparent leak came from an alleged RBC employee.

BOTH R. JAMES and SCOTIA are listed as brokers in the deal and BOTH raised their targets prior to todays release..

So both firms were obviously part of negotiations and BOTH raised targets.

SO LET"S REVIEW Targets increased by players, night before price is leaked, morning of, SP tanks and rallies as shorts cover and those that put in stop losses get smoked. Institutions cover and buy back in, everyone happy except the little guys that got smoked.

LOOKS like classic Buy on Rumor Sell on News play.