Nice write up. Just to add to it, the monthly share volume you noted are year to date up until September (the October monthly share volume report won't be available until November).
The share volume of culprits known for "dumping" shares from January-Septmeber 2013 on RANF:
VERT 32M
VFIN 81M
VNDM 82M
SUNR 84M
BKRT 155M
434m
As I alluded to, we have yet to add the October monthly share volume to the above tally. Thus far in October, RANF traded `270m. Ascribing a 30% (could be higher lower...just ball parking here)share volume from the above MM's, gives us 81m. 434+81=515m shares "dumped" into the market by the above MM's.
You noted that 450m were converted from certificate to street during the past year and indeed the CEO himself confirmed that old shares came off restriction (believe someone alluded to ~400m shares that came off restriction and the CEO stated they were almost done).
Were other shares dumped into the market via another avenue (aside from the 400m+ shares that came off restriction)...dunno. A 400m+ dump of shares alone would cause an extended depression in pps (this stock has had a boot on its neck for months). Comparing the volume contribution of the above MM's with the 400m+ shares that came off restriction, one would conclude that we should be at the tail end of the flush out. If indeed the flush out is nearing an end, then we have some nice upside here. If unencumbered by a non retail seller, RANF can pull a powerful move...we'll see soon enough. GLTA