TORONTO, June 8 /CNW/ - Cinnamon Investments Limited ("Cinnamon") announces its acquisition (the "Acquisition") on June 7, 2010 of 3,856,600 common shares of WGI Heavy Minerals, Incorporated ("WGI"; TSX:WG) representing approximately 16.33% of the issued and outstanding common shares of WGI (based on 23,617,610 common shares of WGI issued and outstanding as at March 31, 2010, as reported by WGI). On June 7, 2010, Cinnamon acquired 3,777,100 common shares for $0.495 per common share pursuant to a private agreement with a single vendor. The private agreement was executed through a cross trade on the Toronto Stock Exchange. Prior to the cross trade, Cinnamon acquired 79,500 common shares on the Toronto Stock Exchange in a single trade for $0.495 per common share. Combined with the 1,163,900 common shares of WGI owned and controlled by Cinnamon prior to the Acquisition, Cinnamon now owns and has control of a total of 5,020,500 WGI common shares, representing approximately 21.26% of the issued and outstanding common shares of WGI (calculated on the same basis as above).
Cinnamon will file an early warning report dated June 8, 2010 advising that as at June 7, 2010, immediately following completion of the Acquisition, Cinnamon and Patrick W.E. Hodgson, Cinnamon's controlling shareholder, own and have control of an aggregate of 6,955,100 common shares of WGI, representing approximately 29.49% of the issued and outstanding common shares of WGI (calculated on the same basis as above).
The issuance of this press release is not an admission that Cinnamon owns or controls any of the common shares of WGI held by Patrick W.E. Hodgson.
SOURCE CINNAMON INVESTMENTS LIMITED
For further information: For further information: or to obtain a copy of the early warning report filed in respect of the above, please contact Patrick W.E. Hodgson, President, Cinnamon Investments Limited, at (416) 975-9501