Anyone care to speculate on how much FT and at what price?

My guess is they scale back about 25-30% on the drilling over last year. Go for ~$15 million with 6.75 million shares priced at $2.25. Have an $3.8 million over allotment for an additional 1.6875 million shares. Just a guess but maybe the underwriters are tanking the price to get more product(shares). They have x amount to spend and want y amount of shares churn. After all it's free money.

Last year's release when the share price was 3.11

San Gold arranges $20.25-million private placement

2011-02-17 18:18 PT - News Release

An anonymous director reports

SAN GOLD ANNOUNCES $20,250,000 PRIVATE PLACEMENT

San Gold Corp. has arranged a financing co-led by Primary Capital Inc. and CIBC, together with a syndicate of agents, under which the agents have agreed to sell, on a guaranteed agency private placement basis, 5.4 million flow-through common shares of San Gold at a price of $3.75 per flow-through share for total gross proceeds to San Gold of $20.25-million. The agents have been granted an option to sell up to an additional 1.35 million flow-through shares at the issue price for up to additional $5,062,500, exercisable in whole or in part at any time up to 48 hours before the closing.

Closing of the offering is scheduled to occur on or about March 15, 2011. All securities issued will be subject to a four-month hold period. The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.

The net proceeds will be used to continue exploration and development on the company's Rice Lake property.

We seek Safe Harbor.