This is no surprise. I've been expecting it since the end of May when Galena filed the S3 forms. Now that it's finally happening, I can buy in big without knowing this announce was still pending. Hope you all have some dry powder. When the details come out, the next few days could get interesting.
"The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering." In summary, anybody who claims to know the size, the terms, the price, or even if it will be completed, is lying.
Sentiment: Strong Buy
Remember, it is shares and warrants. Warrants seem always to introduce the increased prospect of heavy shorting. It would be nice to know the details upfront, but we are just going to have to wait. I would love to see the dilution and all provide a $1.80 re-entry, but I doubt it drops that low unless the market turns around and heads lower once more.