Ed, my best guess, and it is a guess, is the large volume the past 5 days relates to the equity/loan NNN received in Dec 2009 to finance the WY well acquisitions:
"On December 17, 2009, the Company entered into a credit agreement with a private lending company, (the “PLC”) where the PLC syndicated a loan to the Company in an aggregate amount of US$5,500,000 and CDN$17,534,550 (US$ 16,996,569). Concurrent with the advances, the Company issued 2,566,666 Common Shares to the PLC at an attributed price of CDN $1.15 (US$1.07) which was recorded as prepaid interest expense and was being amortized to earnings over the term of the loan. Interest on the outstanding principal amount was calculated daily and compounded monthly and payable on a monthly basis at 12% per annum (See note 14)."..."On June 30, 2010, the Company paid in full the interest and principal outstanding on the short-term debt."
FWIW, recollect beind advised Ionic was the shareholder.
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edit
Yes, google search on Nimin and Ionic yields:
marketwire.com
Also, Ionic got 12% interest on the deal and thus sold at a meager profit it appears. Thus, this scenario is my best guess... |
