re: 25 mil of options at 0.15 per share Not all the stock went...

re: 25 mil of options at 0.15 per share Not all the stock went to 'instos'. The directors of this company would never tell you the truth anyway, so don't believe everything you read in their announcements.
If you want to get a true picture of who is selling then ring your broker and ask him to tell you who the biggest selling broking firms are and you will see that it's the same broker that did the placement at $0.25 when the stock was trading at $0.30 and collected a fat fee for it too.
If you think instos or sophisticated investors won't take a couple of cents profit when they can then you might be a bit naive.
If you don't agree with me then ring the company and ask the directors why the broking firm that did the placement has been the biggest seller in the stock every time there is some buying strength.
If you add the placement + the options exercise + stock released from escrow together, you will see that there is a huge overhang on the stock right now and in my opinion will continue to be there for a while and by the time it's gone there is a good chance the directors will decide to do another big placement at a deep discount to their mates again.