ToastedYou must remember that a lot of the people pumping BUK were buyers of the previous PP. They want to sell all of those shares, exercise the warrants and sell those shares too, so they can buy into this new giveaway PP. They will say anything to try to con others into buying on the open market in an effort to soak up all of the shares they are dumping. Their only interest is for their own profit, they aren't posting for our benefit.
You and I have it right, the financing was under-priced and unnecessary. All of this dilution will probably take a half buck off the potential runup into the Piper drilling.
I am trying to take advantage of the giveaway PP as well, but that doesn't make it right, and is only a defensive move considering I also bought higher, fully expecting the company to make smarter moves than this.
As always, another lesson learned not to trust anyone.