Assuming they’ve bought in under the $12M placement - why would...

Assuming they’ve bought in under the $12M placement - why would they do that if they were shorting, it makes no sense to me. Do you mean they’re hoping for a quick rise in the share price and then dumping it shortly after? Perhaps, but then XTC still has their $3M cash to go drilling with, and presumably the share price ends up back where it started.