Even if they do have money left, why not borrow it?

$50 million in December's db average of 30 cents on the $ is trading for $15 million. Borrow 15 million as straight non convertible debt. That's 100 million less potential shareholders. Get the price up to 60 cents. Get the syndicate out of it.

Mr. George Pirie reports

SAN GOLD ANNOUNCES $50 MILLION OFFERING OF CONVERTIBLE DEBENTURES

San Gold Corp. has entered into an agreement with a syndicate of underwriters co-led by Scotiabank and CIBC, under which they have agreed to act as underwriters to purchase, on a bought-deal basis, 50,000 convertible unsecured subordinated debentures of the company at a price of $1,000 per debenture, for total gross proceeds of $50-million.