Also, please explain what happens when the holder of a warrant or convertible instrument wants to "pre-sell" the shares he will be acquiring. Where does he get the shares to short, and assuming such shares do not exist , does that make his short "naked". Because he  is not really naked, holding shares "in expectancy." Must be someone out there who can fill me in on this. My assumption has always been that there is absolutely nothing in the Canadian systems that could possibly track such a legitimate form of shorting.

As well, when there is no new news, why would we be expecting share demand to exceed supply anyway, especially at these values. There is such a thing as short term equilibrium, and just maybe that is what we are experiencing.