I doubt that SGX is nearly as Machiavellian as some of us think. They had to get the ball rolling months ago to raise this cash - they didn't know the market state either. The price is set at the last minute. If you put yourself on the list offering serious $ with the right broker, you could have bought some flow-through shares now too.

Reality check - we're all in a deep funk - the only one popping champagne is Warren Buffett. Well, the guy does have some credibility! I bought today just on that, I have to admit.

This money was very, very sorely needed by SGX, and to me it's a bloody miracle that any could be raised in this market. Now they heading towards 1:10 cash compared to KXL, matching the 1:10 stock price (not adjusting for shares). Without cash, we'd be motionless - a very bad thing for a stock.

Yes, there is dilution, but as someone pointed out, they didn't shake a money tree to get the funds. Reality - other junior mining companies are either shutting up shop and going dormant, or cancelling their PP's. This keeps SGX in a healthy state, and I far prefer that to dormancy.

A reminder - this is only the 1st tranche - one of two or three - they didn't get $4m, but just under $2m so far. So we're not out of the woods yet.

It's a testament to the belief that the flow-through investors had in the company. Yes, they got in cheaply, and I'm underwater at this SP, same as most of those here. But Jacobus is a fantastic prospect that will likely only get wider, longer, deeper and richer. Already there are closely-spaced parallel veins, not just one.

Keep the home fires burning - it'll be a long Winter, but this financing is a good sign. all best / c