No you have got it wrong. The company is raising funds by...

No you have got it wrong. The company is raising funds by issuing new shares to various institutions and to share holders through a SPP all at 25 cents. As part of the issue to institutuions and clients there of, Elphinstone, a Director of QGC, was issued 8 million shares indirectly through a company he controls, Elph Pty Ltd. The issue was approved by an EGM on 7 February and shares issued and persumably paid for today. He is sitting on an immeditate 100% gain or $2 million though to be fair to the company and Elphinstone, the shares were 26 cents when the share raising was first announced back in January.

But this week clients of Wilson HTM will presumably get their shares (6.8 million) and so to Sentient Executive (6.0 million) I wouldn't expect Elphinstone to sell his shares, be a bit suss if he did, but same does not hold for the "spophisticated " investors that got shares from Wilsons. They are looking at huge profits so why wouldn't they get out now, ie. take the money and run.
This may be what is causing the current retrace in the share price.
Could continue and accelerate now that date for shareholders to be registered for the SPP (11 February) has passed.
Watch out below!!!!