To give a comparison on a PP in the market versus with a major, look at what cypress did last summer. They had been doing PP's in the market for pennies, but when they began talking to goldcorp they ran the sp up to .70 on the rumor, did the PP with goldcorp for .65 and then the sp fell back to the .30's. If they had done this in the market the dilution would have driven the SP in the other direction

cheers

K