Also don't forget that the shares from the PP have a holdperiod of 4 months, so if they wanted, they could sell any or all around the middle of April.
Any smart manager in these funds that took part in it would NOT sell, since I am sure they get what the future huge price appreciation will be in IVN.
All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.