TD Securitiies issued a Rubicon research report this morning. They maintain their "speculative buy" rating, but raise the target from $2.25 to $2.75. Below are a few excerpts from the report...

"We are resuming coverage of Rubicon following the completion of a bought deal private placement of common shares in which the company issued and sold 25,000,000 common shares at a price of $1.60/share for gross proceeds of $40 million. We estimate that the company’s cash position now stands at approximately $57 million. A further $16 million could be generated by the exercise of the 10,714,271 warrants that are currently in the money at an exercise price of $1.50/warrant and expire in April 2009.

The deal represents a slight positive to our valuation as it offsets financing that we had previously modeled occurring at $1.20/share. Moreover, we believe that the company is now fully funded with respect to the advanced exploration (and a good deal of the underground development) of the F2 Zone discovery...

With further equity issuance seemingly unlikely, this should result in improved share price performance..."