>>this means? that we have two kinds of buyers<<

Face it- we're all just part of the rabble. Kodiak is actually not so bad in this respect. How many other companies have you seen with pre-arranged stock issues going off below the current price, or at the current price but with a warrant, that regular stockholders don't even get a whiff of? Guaranteed profits for those in the right circles... One good thing is that the proceeds of flow through share sales have to be used for exploration, not acquisitions. And Kodiak gets more per share than they would otherwise. Those shares often end up being sold at lowball prices, though, which is one way you can "participate" if you want some cheap shares.