A TD Waterhouse report released this morning, maintains a HOLD rating, but increases the target from $1.50 to $1.75.

It discusses the bought deal, and interestingly it notes "that the 15% over-allotment option was not taken up by the underwriters..."

The analysts "estimate that the company’s cash balance now stands at approximately $135 million."

They summarize their report this way: "Under what we view as the strong technical management of Tony Makuch, President and CEO, Lake Shore Gold continues to execute its work plans on schedule and inline with budgets. After the recent financing, we believe the company has the necessary funding to develop the Bell Creek and Vogel projects as we assume it does in generating our production forecasts. We maintain our HOLD recommendation but note that the implied return to target is approaching a level at which we would consider upgrading the stock given a positive catalyst."