Recent Financings
One factor for all the selling over the past three days is likely the two financings TSU arranged, one that closed at the end of April and the second that will close at the end of May. They are both in the form of convertible debentures, at conversion prices of $0.20 and $0.25 respectively, and each comes with an equal, or greater, number of warrants that can be exercised at the conversion price. As a result, there is potentially 72,000,000 shares available at the conversion prices.
That's a whack of shares. Some people may be selling short now at $0.65 to $0.40 with the intent to cover by exercising warrants at $0.20 or $0.25. Remember, these folks are debt holders who are earning 12% on their bonds, so why not?
Don't know whether the offering was available to Norwegian subscribers. If not, it may explain the difference in current share prices between Oslo and Toronto. Anyone know?
GLTA