I would tend to agree... KXL had previously stated many times they needed no cash through 2010 and were in no rush to raise funds or further diilute... think about it... they had more than enough money to conduct relatively large drill programs on all 4-5 or more of their properties... it was a fact they did not need to raise money now... therefore, what changed?... IMO something must have 'come up'... something 'good' not something 'bad'...

re: SGX (and for the record I have been long there for some time... long before discovery of GM)... I also agree a merger/buyout/JV is a strong possibility... many possibilities here... KXL could issue shares to take out SGX... that would explain why SGX and KXL have been religiously trading at a 10-1 ratio for some time... SGX could JV some or all of their BG properties (150 acres) to KXL in exchange for cash and shares... KXL's already massive land position would then be supplemented with 50% or so stake in SGX's massive land position... SGX did just release massive regional exploration program results demonstrating clear potential at many new locations...

Another interesting point about the recent PP is... we were told that no new control persons or insiders were created... this was a bought-deal meaning subscribers to this PP have already been identified... we can rule out PP being bought by a large number of small investors... if no 'new' control persons or insiders were created by issuing these 12 million shares (11.7% of float post PP)... likely 15 million shares if over-allotment fully-subscribed... IMO many if not all of these shares were bought by 'existing' control persons or insiders... as bought-deal financings typically are... National participated bigtime in previous large bought-deal financing... this is a good thing IMO...

I think we need to stay tuned... JMHO...

red911