Yes, even with all of my past wining and complaining I still have some stock and am happy to see SNO come back on the board. For awhile, I wasn't sure.
With the news about the previous uncompleted financing I imagine the price will remain around the 10 cent mark for awhile. Then, we will see if they can actually get started on the property exploration. Does anyone know what they are planning?
Reading the May 5, 2010 news release again, the terms of the agreement for the claims seems quite generous,
"The terms of the agreements with Smith and Luxwing were identical whereby Snowfield will earn its 100% interests in the Claims by respectively, subject to regulatory acceptance, making cumulative cash payments totaling $50,000 each to Smith and Luxwing over a 23 month period to be completed by April 30, 2011; issuing a cumulative total of 12,000,000 shares from treasury each to Smith and Luxwing over a 19 month period to be completed by December 31, 2010 and expending a cumulative total of $450,000 on three programs of exploration and development each on the Smith and Luxwing Claims to be completed by December 31, 2011."
(Note: I wonder if the December 31, 2010 date above should be 2011? If not, then Smith & Luxwing would likely have old shares and maybe some new ones. Anyway, this is a mystery to me. Anyone have an answer?)
Unless this agreement has been modified and the shares issued are new shares, then number of shares outstanding would sit at about 40 million fully diluted. And, they haven't even started exploring yet.
If they have to spend $450,000 on exploration and this present financing only brings in $300,000 if fully subscribed and if the warrants are all exercised then they will barely have enough. Which means we will see several more financings happening fairly quickly.
In my opinion, with good knowledge of SNO's past and since they have the same management and directors, I'm expecting to see 50 - 60 million shares outstanding by the end of 2011.
Anyway, with the market as hot as it is and with Uranium looking like it will be in short supply for awhile maybe we will get lucky and see the stock price improve significantly. But, I still would have to get about $1.50 a share to break even from the diamond debacle.
As Montrose says, "Upwards and Onwards!"
Best of luck to all,
BGT
