..alot of juniors start off their projects by raising flowthrough funds. These shares become trading after a usual 4 month hold and also have a 1/2 or full warrant attach. Traders may opt to sell their free trading shares and sit with their warrants or just sell out since they bought in cheap. PS; from the NG report...

NG: The minimum criterion is that management is capable and honest. There are so many companies that will sell you a flow-through share at a 10% premium, and never do a day of work, never have a property that’s worth working on. These guys have a management company and have ten of these projects. What people don’t realize is that up to 10% of your flow-through money can go to overhead, so they take 10% here, 10% there, on all these dinky little companies. They do a little work on some properties, but who cares, all the money flows back up to the top level, and the management gets big stock options on the stocks they’re playing in, and if they hit, well, they’re totally screwed. They don’t know what to do anymore! We don’t give these guys any money....................with out prrejudice. Traps7