So I did some digging, Frank007 might be correct!!!!Frontera did a SIB back in 2022 for $65 Million CAD. At that time Catalyst owned 34,775,609 shares.
2022-06-20 | Frontera Announces $65 Million Substantial Issuer Bid | TSX:FEC | Press Release (stockhouse.com) This SIB anouncement states Catalyst owns 34,775,609 shares!!
Looks like they sold NONE of their shares in last SIB. Results of last SIB were as follows.
6,498,558 Shares were validly tendered Company has taken up and paid for 5,416,666 Shareholders who made auction tenders at or below the Purchase Price and shareholders who made, or were deemed to have made, purchase price tenders will have approximately 83.3% of their tendered Shares purchased by the Company. 2022-08-11 | Frontera Announces Completion of Substantial Issuer Bid | TSX:FEC | Press Release (stockhouse.com) if you divide 5,416,666 by 6,498,558 you get 83.3%.......