The 20% RuleThanks Megacopper for your inputs. Yes, anyone can buy more than 20% of a stock, but they must comply with securities laws. (a) At the risk of being ad nauseam, here is the securities laws pertaining to the 20% purchase of stock: (Source: Canadian law firm Gowlings LLC) Link: https://www.gowlings.com/knowledgeCentre/publicationPDFs/Guide%20to%20Canadian%20MA.pdf (((( What is the significance of the 20 per cent threshold? Can we avoid it through affiliates or in side deals? An acquirer cannot accumulate more than 20 per cent ownership of a class of equity shares unless the offer to acquire securities is made to all of the holders of the class. Outside of an offer made to all of the holders of a class, accumulations in the secondary market over 20 per cent can only be made under limited exceptions (see below). Side deals are not an effective means to avoid crossing the threshold. Canadian securities laws contain anti-avoidance provisions, the effect of which is to include in the calculation of whether the 20 per cent threshold has been met (and whether the 10 per cent threshold for the early warning disclosure mentioned above has been met): shares and convertible securities owned directly, or indirectly, through affiliates or nominees; and shares owned by persons or companies acting jointly or in concert with a bidder under an agreement, commitment or understanding.))) (b) Who are insiders? (link: https://canadianinsider.com/node/12#faq1) The definition of an "insider" includes CEO's, CFO's, and others as outlined in National Instrument 55-104 and its companion policy (55-104CP). In our view, basically anyone who has access to material information about the company and who can influence the direction of the firm must file insider reports. In addition, generally anybody or organization that owns or has claims on 10% or more of a company's equity is also an insider and must file insider trading reports although there are some important exceptions for eligible institutional investors through National Instrument 62-103 (Part 4). In addition, an issuer will have to file insider trading reports if it buys back its own shares. (c) TSX Insider Report showed disposition of 559,500 shares on March 19, 2015 from one single insider. (d) As for the "jailbreak", the 4-month lockup period for the last PP done on Oct. 28, 2014, was effectively finished on Feb. 28, 2015. (e) We know the last PP was taken down by 2 investors group - Goodman & Co. who controlled all the shares (14 million shares) & McEwen Mining (8.3 million shares).