I tried to exchange my shares for the private placement in December, but I was too late. If I had been successful in exchanging my shares for the private placement, I would have been forced to sell some of my shares to exercise the warrants too - I simply didn't have the available cash to anti up the extra cash - others may have been in the same position, or they simply didn't want to put too much of their capital in one stock regardless of the merits of doing so. Selling stock to exercise warrants IMO has no negative connotations. The best part of the news is that VIT will end up having more cash to accelerate the development of their properties. People being forced to sell VIT stock to raise case to exercise their options does have its benefits: for those who have cash they are being provided the opportunity to buy VIT's stock in size at an ultra low price.