I think the current price is a function of a trading desk and has nothing to do with fundamentals. I also believe the CEO allowed this to happen and this was a coordinated effort to get a potential 115 million shares in the syndicates hands over the course of the next 5 years.

There was no mention in guidance out to the year 2017 let alone 2018 where the conversion date is yet Coulis comes out and says he sees a free cash flow situation until 2017? Where did he get that info from? It certainly isn't in the public domain.

Hate to beat a dead horse but you just have to compare SGR to LSG. They are almost identical now yet LSG has a $290 million cap and San Gold is at $120.