Since George's arrival on the scene he has diluted the float by 17.5 million shares in FT's alone. Last year's FT was at a discount of 6% to 2010's and this year's is at a whopping 90% discount to same for more shares relative to last. I guess that's why he didn't have the balls to actually put his name on the presser and handed it off to the Icelander.

Not only that, but the syndicate that put George at the helm is getting all the shares to pass amongst the various tax funds to do whatever derivatives BS they like. Gee, what a freakin surprise but hey, "it's free money". q Tim Friessen - circa 2012 Vancouver Resource Show.

One thing stands out more than anything else. Share price. You get an epic fail from this shareholder but I'm sure you could care less as long as the employees and the majority shareholder(your boss) are happy.

Here's a hint George, when fiat is being debased at the current rate, gold and proxies to gold are supposed to be a hedge and wealth preserver. Getting less fiat for a larger chunk of San Gold's assets is the exact opposite of what you are supposed to be doing if you are at all concerned with shareholder value.

But you like to operate in exact opposites. Any interest in politics?

This year

San Gold arranges $15-million placement for Rice Lake

2012-02-23 15:32 PT - News Release

Mr. Gestur Kristjansson reports

SAN GOLD ANNOUNCES $15.0 MILLION PRIVATE PLACEMENT

San Gold Corp. has entered into a letter of engagement with Primary Capital Inc. and a syndicate of agents, under which the agents have agreed to offer, on a guaranteed agency private placement basis, 7.15 million flow-through common shares of the company at a price of $2.10 per flow-through share for total gross proceeds to the company of $15,015,000. Under the agreement, the agents have an option, exercisable at any time on or before the second business day prior to the closing date, to offer up to an additional 2.39 million flow-through shares for $5,019,000 in additional gross proceeds.

Closing of the offering is scheduled to occur on or about March 15, 2012. All securities issued will be subject to a four-month hold period. The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.

The net proceeds will be used to continue exploration and development on the company's Rice Lake property.

We seek Safe Harbor.

Last year

San Gold completes $29.84-million private placement

2011-03-15 10:45 PT - News Release

Mr. George Pirie reports

SAN GOLD CORPORATION ANNOUNCES CLOSING OF PRIVATE PLACEMENT

San Gold Corp. has closed its private-placement offering, with a syndicate of agents co-led by Primary Capital Inc. and CIBC, and including Dundee Securities Ltd., of common shares of the company issued as flow-through shares within the meaning of the Income Tax Act (Canada). At the closing, the company issued 7,957,700 flow-through shares at a price of $3.75 per flow-through share for total gross proceeds to the company of $29,841,375.

The flow-through shares are subject to a hold period of four months and a day from the date of issuance in accordance with applicable securities laws.

In connection with the offering, the agents received a cash commission equal to 5 per cent of the gross proceeds raised under the offering.

The gross proceeds of the offering will be used for exploration and development on the company's mineral properties.

We seek Safe Harbor.