While many things are possible it is often the simplist answer which is best. This is why I discount theories about what big investors know that we don't.

Recent drilling results (visuals) would not be released early to anyone and as for assay results they aren't in so can't be released. So what do you figure could have been released that is material/confidential to the warrant holders?

Why not just assume that prior to buying into the private placement they did a complete review of Noront holdings as well as prospects and felt that, when forced by accelerated terms, they where better off paying $12 million to take up the other shares available then not taking them up.