Is someone shorting against the box? The US and the SEC don't allow it around financing deals or warrant expiry dates. Odds are the rules are different in Canada and the bag holders are all over it to offset an otherwise taxable gain. My guess is Sprott has some shorts on their books.

"In addition, Rule 105 of Regulation M governs short sales immediately prior to offerings where the sales are covered with offering shares. Specifically, Rule 105 prevents persons from covering short sales with offering securities purchased from an underwriter, broker, or dealer participating in the offering if the short sale was effected during the Rule's restricted period, which is typically five days prior to pricing and ending with pricing. Its aim is to promote offering prices that are based upon open market prices determined by supply and demand rather than artificial forces. In this way, the Rule safeguards the integrity of the capital raising process."

Short History

		Symbol	Report Date	Volume	Change
		SGR - V	2009-04-30	1,328,400	453,800
		SGR - V	2009-04-15	874,600	-150,900
		SGR - V	2009-03-31	1,025,500	927,500
		SGR - V	2009-03-15	98,000	-316,900
		SGR - V	2009-02-28	414,900	153,900
		SGR - V	2009-02-15	261,000	57,500
		SGR - V	2009-01-31	203,500	203,500
		SGR - V	2008-12-31		-2,500