Blackie, Petro are doing the roadshows to raise $100-$120 million and as per the PR, it is $20 million cash and $25 million shares in Petro. The friendlies will take Petro stock as payment no doubt as given them 20% pa.
GAX has a very small market cap so it can move very quickly with a change in supply/demand conditions for its shares. Judging from recent comments on this board, I'd say that GAX has seen an influx of technically oriented day traders who believe that the stock has bottomed. I'm not a technically driven investor so one of them could probably better explain why they think GAX is almost finished consolidating and is due for an upturn.