Hey rickschlosser!  Your comment "bought deal' means the underwriters (RBC Capital Markets and JP Morgan) actually bought the shares outright. They would only do this if they knew they could sell them for a profit" is TOO FUNNY!  Boy are you naive!  As I said in a previous post, I've spent 20+ years on an institutional equity desk.  You think investment bankers are always right!?!?!  Most are nothing more than glorified prostitutes!  They did a "Bought Deal" because Cenovous insisted on it.  Investment banks make the VAST MAJORITY of their money from underwriting fees.  These banks will have their puppets (meaning securities analysts) come out with a "glowing" report on Cenovous and this deal, then have their sales desk "Pump" the stock into sucker investors like yourself.  Think I'm wrong?  There was an article yesterday in The G&M's ROB about Valent, and I'm guessing it will be in this Friday's ROB magazine.  Have a look...Banks did TONS of bought deals for them as well :-)