Hawkin and Snead is a partnership located in South Dakota that specializes in documentary films. Hawkin and Snead feel that they need additional capital to expand and their personal assets are fully tapped. The partners envision a sale of common stock shares only to South Dakota residents and they need about $10,000,000. They also realize that their pool of investors is large, but shallow. That is, they can recruit many potential share purchasers, but their investment amounts will be small. They feel they do not have the money for a national offering and full-blown SEC registration. Which of the following exemptions will suit Hawkin and Snead's needs best? a. a Rule 504 offering b. a Rule 505 offering c. a Regulation A offering d. an intrastate offering e. none of the above