RE:We shall see if the company has any friendsIgstar, you make some excellent points and I always value your posts, but one thing you've got wrong is this concept of a "bought deal". In a bought deal, the underwriters agree to buy the whole deal directly before the preliminary prospectus is even filed and the transaction closes relatively quickly (usually within a week or two). In a bought deal, the underwriters "guarantee the price" and bear the risk that they can't resell the deal to the public.
The preliminary prospectus that was filed has bullets in it and indicates a closing sometime 4-6 weeks from now. This is a best efforts/marketed deal where the issuer won't know how much they will raise until the underwriting syndicate builds a book by going on a roadshow. I'm guessing this is what is happening now, and once they get all the pricing and share numbers in, they'll file a final prospectus and close about five business days after that. If this was a bought deal, the market would know at the time the prelim prospectus is filed.
Now we just have to wait and how that that the roadshow goes well, the underwriters can get a good book, and that ALA Canada can pay the "mothership" a decent amount for the assets. I agree with you that this is oversold, but management is also not helping itself by being mum on everything and letting negative speculation run wild resulting in the shorts take control of the stock. Stock has broken through support and market sentiment has most definitely turned negative, so we need a catalyst to move off the bottom.