I hear exactly what you are saying; however, there is the possibility that the pp was arranged well before the most recent run up, when the stock was trading in the $.18-.22 range.
We saw a similar situation in NOT (which I also hold), where there was a huge and fast run up and then the news of the pp at significantly less per share was announced.
Bottom line, the deal had been grandfathered before the run up, which in itself, was unexpected.
Could be the same thing here. Still sucks, but there it is.
crazydik
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V.P. Exploration Dicusscus Current 8000 m Drill Program
