A good point but my understanding is that if the stock is borrowed from clients it doesn't necessarily show up on the shorts register. Mac equity could be trading (causing?) the swings. i.e. taking a large position in the capital raising, pumping - if good news during drilling may get past 5c, exercise options, sell shares - force share price down, repeat cycle....
Nothing more than a suspicion but plausible at least to me.
Ann: Commitment to Drill Program and Chairman Option Conversion, page-22
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