Pendragon Capital LLP

Crew Gold Corporation
PINK SHEETS : CRUGF
FRANKFURT : KNC
TSX : CRU
OSLO STOCK EXCHANGE : CRU

Crew Gold Corporation

December 04, 2007 14:41 ET

Funds Managed by Pendragon Capital LLP Acquire Securities of Crew Gold Corporation

LONDON, UNITED KINGDOM--(Marketwire - Dec. 4, 2007) - Pendragon Capital LLP ("Pendragon") announces that on November 29, 2007, funds managed by Pendragon acquired 1,389,000 common shares in the capital of Crew Gold Corporation ("Crew") (TSX:CRU)(OSLO:CRU)(FRANKFURT:KNC)(PINK SHEETS:CRUGF) through the facilities of the Toronto Stock Exchange resulting in securities owned by the funds representing approximately 15.01%. The following day, funds managed by Pendragon acquired an additional 2,153,000 common shares in the capital of Crew through the facilities of the Toronto Stock Exchange.

As a result of these transactions, as at November 30, 2007, funds managed by Pendragon own 32,930,417 common shares in the capital of Crew, and bonds convertible into 45,818,182 common shares of Crew. Assuming the conversion of only the debentures owned by the funds managed by Pendragon, the securities owned by the funds represent approximately 15.43% of Crew Gold's issued and outstanding shares.

Pendragon exercises control over the Crew securities in its capacity as investment manager of a number of funds, including the Pendragon (Master) Fund Ltd., the Pendragon (Convertibles) Fund Ltd., and the CASAM Pendragon Event Value Fund Ltd. The funds managed by Pendragon acquired the Crew securities for investment purposes only, and may acquire additional securities of Crew in the future.

Contact Information

  • Pendragon Capital LLP
    John Pennells
    44 207 907 8445