It seems to me it is counter-intuitive for Management to depart from its raison d'etre and Prospect Generator Business Model as stated on its own website, viz :
Mitigating the risk of exploration is done through our joint venture business model allowing us to be active on 16 projects without diluting our share structure or our treasury - currently sitting at CA$6.5 million.
The Company doesn't need to raise another $3.0 million which will dilute existing equity as it uses other people's money. The Management had stated that it has enough working capital for the next 2 years without going to the public mkt. However, I could only draw the conclusion that it must now need an injection of funds for some big new project that's gonna be announced very soon. It is noteworthy the proposed PP units have warrants attached that are callable if the stock stays above $0.50. Should that event come to pass, it would inject another $4.5 mil (12 million X $0.375) into the Company's treasury.
In light of the fact that practically all selling down to the PP price level were done through an Anonymous seller and rather than different sellers was fishy. The stock could easily double by year-end with expected NUG JV's drilling results and/or an announcement of Columbia project with Agnico Eagle. .
I should think the large holders have given their blessings to Management for this PP.
Disclaimer: Have a small position, but may add more.