RE:RE:RE:RE:New Issue lead broker is BMOIn markets controlled by bots where scalping fractions of pennies is the norm I'm not sure how you can think this isn't being arbitraged. Don't think it'll last too long since there is a limit on the number of shares available and likely pre allotted to different houses, but until there is no more allotment there is every reason to short at $1.69 or any price higher to any willing bidder when you can backfill it at $1.68. It's guaranteed profit with zero risk. There's no need to have taken a short position ahead of time. It would be quite the epic coincidence that the share price was capped exactly at the bought deal price due to the implication of the financing rather than the fact that the bought deal price presented arbitrage opportunity.
Think it's also likely the company knew they'd need to cap raise. How long do you suppose an application to GDX takes to complete? How long does it take to arrange the clearly pre arranged block sale to van eck? The deal only closed less than two months ago which would have been the earliest they could initiate either of those things. It sure looks to me like they had this planned in advance of the deal closing and once it closed they actioned it.