If companies were to place their own Treasury Shares on the Open Market as a means of raising cash for operations then it would have to be well publicized in advance of doing it. Care would have to be taken to ensure any such company was not simply doing this as a means of making their bottom line look better than it actually is. Guess the problem is that the Markets want consistent rules for all Juniors regardless of the industry they are participating in. Bigger Corporations typically have many options for Financing projects but the Juniors typically do not have such a wide range of Cash raising options available to them. Thus we have what we have. Old Joe PS: Giving existing Share Holders the right to first refusal is a preferred option from my perspective.