I am not surprised to see selling.

1. The risk factor that has been keeping the SP down is concerns around financing.

2. A dilution at 10 cents a share suggests there are no white knights waiting to finance this venture. The financing is a worst case scenario.

3. Since this morning's SP was higher than the offering price, the SP should trend down toward the offer. 10 cents. It certainly isn't going to go up.

That said, the selling is not huge. I don't think it is big boys selling. I think it is multiple small investors throwing in the towel.