Or is this an expression of confidence?

MANITOBA - San Gold Corp. of Bissett, MB, has raised more than $24.9 million in a private placement that was oversubscribed. The company originally planned to issue 5.4 million flow-through shares at $3.75 each, but the agents sold an additional 1.35 million shares.

The proceeds will be used to continue exploration and development at San Gold's Rice Lake operation. Ore is currently being mined from the mine of the same name and the Hinge mine. The company recently announced it has traced the high grade 007 and L10 zones traces the Shoreline Basalt geologic feature over 1,400 metres. Holes have returned 33.6 g/t Au over 1.1 metre, 23.0 g/t over 5.2 metres, and 10.7 g/t over 17.7 metres.