Perhaps it was to stop the share price sliding to 52 week lows and this was the cheapest and easiest way he knew to signal to the market that he thinks its undervalued at these levels (but not so undervalued hes willing to put a decent amount in).
Either way its better than selling but I wouldn't go as far as its "very bullish".
RIC Price at posting:
$1.24 Sentiment: Buy Disclosure: Held
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