Yes, facts are facts, but insider selling is not a fact. It is your assumption that contradicts the evidence. There is no question that SBM has been trying to induce buying, but that effort has just begun. That makes sense, since they want to drive up the price for the next round of financing, not because the insiders want out at 12 cents. Since insiders hold a fair bit of stock, they are heavily incented to do the financing at much higher prices.
Consider the facts:
1) anonymous selling is no more now than last fall, when insiders were still buying
2) no insider reports of selling, and all the significant insider holders appear to be reputable people and not among the known stock promoters or shady vancouver crowd. Nowadays, it is rare for insiders to even be able to sell without reporting because brokers have to keep records, even of the anonymous sellers, and have to report all disposals of securities to the government.
3) investment banking outfits like Cannacord and Wolverton would normally be expected to dispose of shares after a 3-fold increase from the prices they paid in their financings. These investment banks are not insiders because they have no special access to information and they do not own enough shares. Collectively, they do own millions of shares that good business practice dictates they must at least partially sell after a sharp rise like we have seen over the last couple of months. That kind of investment bank selling is done under code 001 (i.e., anonymous) as standard business practice. That is sufficient to explain all the anonymous selling we've seen.
In any case, the net number of shares sold anonymously since the price climb in early December is only 5% of the outstanding shares and isn't increasing. The total trading volume over the last whole month is still only a fraction of the float, so this is a very thinly traded for a stock that is "in play". I'd argue that the stock isn't even in play yet, and just found a new price range around 12 cents until the next round of news.
I don't have a good estimate of what an agreement or partnership will do to this stock, but I can't help but think it will bring the market cap well above the current $10M.
Where we might agree is that this stock could drop a fair bit if the news flow dries up, but that is what makes it speculative.