Is the current Share price contraction the result of the...

Is the current Share price contraction the result of the SPP.....

"The applications were received from over 500 shareholders who together own more than half of all the shares of the Company on issue.
Due to the overwhelming SPP demand and the ability to use these funds to fast track work at Mt Thirsty and on the Company’s gold assets, the Company has agreed to take oversubscriptions of $1.25 million, resulting in the issue of 50 million shares under the SPP at the issue price of 4.5 cents per share raising $2.25 million in total."

So 500 existing holders get 50 million shares and then when the price goes up start to sell.

I dont think so!

Can anybody postulate what is going on? Who is selling and who is buying? Is somebody (Company) buying and manipulating the prices?