As of September 30, there were already 12,837,685 options issued and another 5,075,941 options vested.

"An application has been granted for the original listing in the mining category of 335,648,960 common shares of San Gold Corp., of which 300,408,146 shares are issued and outstanding and 35,240,814 shares are reserved for issuance."

That leaves about a 5% buffer or 17,327,188 shares available for issuance.