Sorry I wasn't clear and I wrote that last post on my phone, which didn't help. When I refer to the present SP weakness, I'm talking about December and forward. There's no doubt there was some significant short interest after the deal was announced, but since December short interest has never been more than 2-3 days average volume. Since Jan 31st we were looking at the last report showing 1 day average volume in short interest.
In any case, there's a lot of negative sentiment in gold at the moment - S&P/TSX Global Gold is touching 52 week lows and earnings are expected to be underwhelming with lowered guidance (underpromise/overdeliver). The dilution closing Friday isn't significant, but it doesn't take much to bolster negative/positive sentiment in the market, especially for juniors. What shorting there was earlier has shaken out some longs as we've seen on this board. Throw it all together and what we're left with looks like, at least to me, a pretty nice buying opportunity as it doesn't appear that anything has fundamentally changed for the company.
But I'm still going to wait for earnings. Also, the underwriters need to inform PVG sometime today if they're filling the additional 250k shares for the PP, and if they did that won't be good for the SP short-term even though 250k shares of additional dilution is totally insignificant.