Ok most likely way I see it is this - BGL, probabl

Ok most likely way I see it is this - BGL, probably went to a Stockbrokers or some other kind of corporate finance house.

So if its a broker, they will usually place the shares with their private clients at a discount to the market price which is usually at least 20-30% lower than the stated market price.

The clients are then free to sell the shares in the market unless they are restricted of course. BGL basically issues lots of new shares at a substantial discount to the current traded price. Alternatively, they sell shares to the broker and maybe have to issue, say maybe C$270 or C$280K's worth of stock to get the C$250K. 

The 20 or 30 K in free shares they issue is what they lose in commission. The only other way to get more money would be to go to a bank and apply for a loan secured on their assets, which they're about to take a substantial hit on!

In the case of the Corporate finance house, they might either hold the shares themselves ( but also buy them at a substantial discount) or possibly place them with private clients as well.

That's my rough understanding of it.

Others will be much better informed than I am.