IMO, many of the institutions that participated in the last private placement @C$.45 are simply unwinding their initial position at a small profit after having their initial investment plummet near C$.30 per share - leaving them with 50% of their original stock position in the form of stock options that have a strike price of C$.55 for at least the next two years plus. In other words, private placement shareholders have been taking small profits but they still retain an equity kicker in the form of stock option. If they took profits now, there is no way they can loose anything + they have the cash from there sales to complete the process all over again for another private placement in VIT or some other junior gold stock that they have confidence in that their stock will go up over the next couple of year - and in the process get stock options all over again. We have now traded over 12 million shares since VIT traded above the private placement price of C$.45. I don't remember the size of the offering, but I suspect that the 12 million share volume was close to giving many of the private placement stock holders the opportunity to cash in there chips.