GAC and Koo,

If Quest put in an order through his broker it would seem to be a public offering.  Lots of Canadian 'accredited' investors, who are just retail investors with enough money in equities to be considered capable of making their own risk assessments, participate in such public offerings. You sign a statement acknowledging the risk involved (i.e. the possibility that you will lose all your money). Probably you don't even need to be accredited if you do it through a broker.  This offering is a very good deal (full warrant per share at reasonably good share price) for the reasons that GAC worked through. I think that quite a few retail investors who are on the sidelines might participate (remember the BC and Qebec individuals who participated in the last placement).

One thing to note in this case, though, is that purchasers will have the standard 4-month 'hold' or no-trade period in which neither shares nor warrants are to be sold.  In the case of RVX, that means holding both until after top-line results.  If your plan was to sell some before top-line to reduce exposure, a good approach would be to sell some shares before you acquire the new ones if you are already invested. This may explain some (much?) of yesterday's selling.

Jupe