Joe: Another release:
Regards
Dan
Vanteck Technologies acquires shares in Pinnacle
Vanteck (VRB) Technology Corp VRB
Shares issued 19,770,445 Jan 26 close $1.53
Fri 26 Jan 2001 Acquisition
The Canadian Venture Exchange has accepted for filing an assignment
agreement dated Jan. 22, 2001, between the company and Federation Group
Limited, an Australian Stock Exchange (ASX) listed company which holds
approximately 50 per cent of the company's outstanding shares. Pursuant to
the assignment agreement, the company will acquire from Federation,
Federation's interest in the issued shares and options of Pinnacle VRB
Limited, also an ASX listed company, that in the total will represent 19.99
per cent of the then issued capital of Pinnacle. Federation currently holds
4,309,262 (approximately 11 per cent) of Pinnacle's common voting shares,
7,033,895 (approximately 48.65 per cent) of Pinnacle's OA options
exercisable until Feb. 1, 2001, at 20 cents (Aus) per share and 351,785
(approximately 5.10 per cent) of Pinnacle's OB options exercisable until
Jan. 31, 2001, at 20 cents (Aus) per share (collectively, the 'Pinnacle
Securities'). The cost to convert the Pinnacle OA options and the Pinnacle
OB options into common voting shares is approximately $1.25-million. In
consideration of the Pinnacle Securities, the company will issue to
Federation three million shares at a deemed price of $1.00 per share. |
