I did try to confirm what the reason for this unexpected pp.

Apparently an institutional investor from Montreal was interested during the last PP. They did in fact take a piece of that issue. Very recently they expressed regret at not getting more involved as well as expressing interest in a FT. Getting an institution interested in a little play like GAX is tough and the thinking was it would be better long term to get these folks involved. We do have enough powder, but a little more doesn't hurt.

This was approved as a positive move by our BoD.

....carry