If it was pumping by directors, we should see evidence of it when they disclose an increase in their holdings over & above their allocation. The total directors' allocation was $200,000 or 384,615 shares @ 52 cents.
The increase in the share price may have been investors who became aware of the pending cap raise, either from inside information or the fact that a cap raise was inevitable when anticipation of the disclosure that they only had 1.75 quarters of funding available left when 2 quarters were the minimum required.
The cap raise was forced on SMN because of the lack of funding available.
If I take your figure of 60 cents, before the price increase, I calculate the price after dilution to be 54.5 cents & after all options were exercised, 51 cents.
SMN Price at posting:
48.8¢ Sentiment: Buy Disclosure: Held
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