I'd say the previous debenture financing at $.50 conversion put a 1 year term lid on the share price but this financing has just killed any long term up side on this stock unless gold goes and stays over $2,000 plus or they make a major high grade "economic" discovery that's cheaply accessible.

The dilution to long term shareholders (the real owners) who bought at much higher prices and helped pay many 100's of millions to get this mine developed (and pay wages to the Northern people) it's just a f@cking tragedy, they're just getting it up the A shaft again.

Since Dale hired GP (along with his lucrative 2 yr severance term and crazy lucrative bonus even if he sucked ) the Company has underperformed it's peers. Management will blame the fall on the gold price dropping below $ I,600, never their spending or costly mine plan errors and never ever their failed promises that turned the analysts against them. Sure many PM funds liquidated their gold stock holdings due to redemptions but SGR Management had failed to increase the net asset value through higher resources (tonnes)(but they sure did drilled alot), higher grades or by earning and building cash reserves, so SGR deserved to get sold off the hardest. Again the shareholders take the pain, while Management still got paid.

I was living on hope since the fall below $2.00, hope just got me heart ache and bitterness. Guys, there are other and better gold stocks out there whose Management hasn't had been forced (because of multiple failures) to resort to this kind of sell out / dilutive financing. By the way your cost base is meaningless and the real value per share it what it trades at every day. The assets in Bissett are only worth something if the mine is economic and able to pay the interest and repay the debt. This last debenture is secured, so common shareholders should consider the remote possibility of a share value of zero in the next few years unless the stars align (more hope)

For the suppliers and employees this is great news, as much $65M gross (minus all the interest payments in the next year), available to pay the bills and wages for how long? For Management, they'll continue to get paid very high salaries (by Manitoba standards) for maybe a few more years but take a hit on their stock holding most of which was accumulated when cheap options where exercised a number of years back. Although they could make that right with more $.20 options (or re-price existing options), no salary cuts and maybe bonuses if they out perform for a couple of quarters. Management since 2006 rarely ever talked about creating shareholder value, it's now apparent why, guess they don't believe in it.

Regarding Eric Sprotts holding, ya it created hope, but what if one day you read he reconsidered his strategic investment and sold of his position at .21 or .23 cents for a decent short term profit, but holds free warrants for any more upside, there goes last spokesman and some of your hope.

For Wilda Ward who wrote the book, "Bissett 100 years of Gold" .....hope she's around to tell us how and why it turned out this way.

GLTA