It has certainly been an interesting week for INT. The trade was dominated by sellers on Monday but buyers returned on Tuesday and today, although today's trade was much more tepid. The last two days of trading have been, at least for me, "encouraging" ... as encouraging as it can be when the share price is as low as it is. Four cents, based on this weeks trading so far, is looking really solid.

Perhaps it's not even relevant anymore, but I don't think much of what happened on Monday had anything to do with the removal of INT from the Venture Select Index. Some may recall in August 2012 that INT was similarly removed from the Venture 30 Index and there was no significant decrease in price or increase in volume. Taking a quick peek at the trading activity on Monday for the other companies that were also removed from the index, one can easily compare:

• TSX-V: BAR ... up 4.41%
• TSX-V: GCU ... down 2% on lower than normal volume
• TSX-V: NKL ... down 4.76% on lower than normal volume
• TSX-V: SGN ... even, normal volume
• TSX-V: NZ ... even, below average volume
• TSX-V: UGD ... down 6.25%, somewhat above average volume

None of these come close to comparing to INT, down 33% on above-average volume. Many were down, but not down double digits or on big volume. It is unlikely that any funds holding the companies were that much heavier weighted on INT than the others listed above. I did not see any stop losses triggered during the trade, so there were other factors at play. Some parties clearly needed to exit positions ... or perhaps were forced to. The volume, while significant and higher than normal (50 day weight-average volume for INT is about 644,000 shares), was not high enough to constitute a sign that everyone was abandoning ship. It is, in comparison to INT's history, still somewhat small compared to other high volume days. The aggregrate trading volume this week, to date, still represents less than 3% of INT's float.

There continue to be games played. TD and Instinet are mostly responsible, as has been the case for several months now. The order book on both sides has been stacked with many TD bids and asks, certainly not all of which are retail, and which I would wager might be pulled quickly depending on how the trade action were to proceed. TD especially has been quite happy to trade back and forth to themselves.

The net house positions for today, as well as an aggregrate view of the last three days, are posted below. Note for example the weight-average share price today was 5 cents, which supports the fact that buyers were driving the trade (i.e. the asks at 5 cents were getting hit as opposed to the bids). Yesterday the WVAP was 4.8 cents ... again, showing that the asks at 5 cents were getting hit more than the bids at 4.5 cents.

I am expecting news soon on the Crede financing. It will be 4 weeks tomorrow since the financing was first announced. The recent share price movement may have put pressure on the terms of the deal in the sense of the warrant strike price and debenture conversion price. It will be very interesting to see the market reaction, if those terms (10 cent conversion price, 12 cent warrant strike price) hold up. That would certainly be a vote of confidence for INT on the part of the financier, given how far away the market price is from those prices.

Respectfully,

BUMBLEBEE