Standard & Poors announced today that it has commenced Factual Stock Report coverage on San Gold Corporation.
San Gold Corporation (TSXV: SGR; OTCPK: SGRCF) is a Canadian mining company focused on gold exploration and mining in the Rice Lake Greenstone Belt in southeastern Manitoba, Canada. The company's Rice Lake Gold Project includes two mines, the deep underground, high-grade Rice Lake Mine and the nearby near-surface ramp accessed San Gold #1 (SG-1) deposit.
San Gold's main operation consists of exploring for and producing gold primarily in the Bissett area of Manitoba, Canada. The main business of Rice Lake Gold Corporation, San Golds wholly owned subsidiary, is the production of gold from underground ore reserves at the Rice Lake Mine in Bissett, Manitoba, and the exploration for new gold deposits in the Rice Lake gold belt.
On Nov. 30, 2007, San Gold announced that it had closed its private placement offering of units for aggregate gross proceeds of C$40,075,000. In the offering, San Gold issued 28,625,000 units of the company at C$1.40 per unit, including units issued upon the exercise of the underwriters over-allotment option. Each unit was comprised of one common share of the company and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share at C$2.00 for a period of 18 months from the date of issuance. The net proceeds of the offering will be used for accelerating the development of deep high-grade gold zones in the Rice Lake Mine, the continued development of the San Gold #1 Mine as well as for general corporate purposes including working capital.
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