Smart move by TLT management...In the Newsrelease it is clearly stipulated that this is a Non-Brokered Private Placement.
With a Non-Brokered Private Placement, it is TLT(not a broker that doesn't care) that decide to who they are going to sells the shares. TLT has to hand-select each investors one by one, it is a time-consuming process, that could explain why it is done in tranches.
By doing a Non-Brokered Private Placement where TLT hand-select each investors(insider, friends...etc), the company(TLT) is making sure a big stack of shares will not be acquired by unfriendly hands.
It could be possible that at this point in time, having a big foot inside the FDA, and being so close to Pre-BTD and BTD approval, TLT decided that it was to the advantage of the company to do a Non-Brokered Private Placement.
Whatever the reason for now TLT has money to continue towards Pre-BTD and BTD approval.
I love my TLT shares.