Cinnamon Investments Limited

January 22, 2010 15:11 ET

Cinnamon Investments Limited Announces Acquisition Of Common Shares of WGI Heavy Minerals, Incorporated

TORONTO, ONTARIO--(Marketwire - Jan. 22, 2010) - Cinnamon Investments Limited ("Cinnamon") announces its acquisition (the "Acquisition") on January 21, 2010 of 909,400 common shares of WGI Heavy Minerals, Incorporated ("WGI")(TSX:WG) representing approximately 3.70% of the issued and outstanding common shares of WGI (based on 24,586,110 common shares of WGI issued and outstanding as at September 30, 2009, as reported by WGI, and without taking into account any common shares acquired by WGI pursuant to the normal course issuer bid announced by WGI on June 29, 2009, the results of which were announced on December 18, 2009). The 909,400 WGI common shares were acquired on the Toronto Stock Exchange for investment purposes at an average price of $0.41 per common share. Combined with the 254,500 common shares of WGI owned and controlled by Cinnamon prior to the Acquisition, Cinnamon now owns and has control of a total of 1,163,900 WGI common shares, representing approximately 4.73% of the issued and outstanding common shares of WGI (calculated on the same basis as above).

Cinnamon has filed an early warning report dated January 22, 2010 advising that as at January 21, 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 3,111,000 common shares of WGI, representing approximately 12.65% 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.

Contact Information

  • For further information, or to obtain a copy of the early
    warning report filed in respect of the above, please contact
    Cinnamon Investments Limited
    Patrick W.E. Hodgson, President
    (416) 975-9501