Keep your eye on the ball Don't get too distracted by PNP's activities. Pinetree themselves don't own that much actualy stock if you review the December 5th SEDAR filing and look at recent sales. Most of the stock appears to be held by Mr. Inwentash himself (as opposed to PNP) and a lot of the combined position is in warrants. This story is bigger than any one shareholder right now and the market is doing a fine job of soaking up stock.
Over 9 million shares have traded since the beginning of February at an average price of well over $3 Think about that in terms of the overall float. That is a huge number, given that the all-in actual free-trading float might be 15 or 16 million shares right now.
Shareholder rotation is substantially complete by now, which paves the way for higher levels on good results. As starbuxx says, the broader market still isn't really aware of what is going on here.
I have seen stories like this play out before and they tend to leave flippers in the dust. With drilling this quick and this shallow, results come quickly. Any more holes like recent batches and I'd bet this is going to a whole new level as the fact that these are not one-off results starts to really sink in. When things are going right, I like to back my winners and sell my losers -- not the other way around.