Well, the instos would have bought the shares at 10.5 cents in the belief that they would make money. For this to happen, they obviously expect the shares to go above 21 cents on re-listing. ( 2 x 10.5)
The price of 20 cents is just the face value of the shares, it has little to do with what the market price will be.
The obvious question would be " why didnt they buy them on market" as they were trading at 10.5 cents then anyway. I think the answer is that it was obvious that if someone wanted to aquire $2 million worth, the share price would have been much higher.
Over the last few months the average daily volume seemed to be around $10 000, or about 100k changing hands. Can you imagine what would happen to the share price if 20 000 000 shares came on the bid? They would have to pay much more than 10.5 cents as there were very few sellers around.
