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Gold/Mining/Energy : Pinetree Capital-PNP-CDNX -- Ignore unavailable to you. Want to Upgrade?

To: Professor Dotcomm who wrote (60)	12/14/1999 2:40:00 PM
From: marcos	Respond to of 233

cdnx.ca - Depth by order and by price available now that we're on the cdnx. Delayed by 15 min, but quite useful in the slow periods, and the price is right for those of us too cheap to pay for cdnx realtime and depth and who get a little offended that they charge the canehjuns extra for them! VGIN the only winner in the stable today ... How would a person evaluate the private companies, Softquad and Visible Decisions? ... silly question, there's no definitive answer at this point, i know. I wonder if there are plans to take either or both public?

To: Professor Dotcomm who wrote (60)	12/15/1999 5:42:00 PM
From: Vitalsigns	Respond to of 233

Updated Book Value as of December 15.99 Pica book value end of day Dec 15.99 Book value calculations I will use purchase price on our private companies even though that may be severely undervalued. Private Companies Softquad 35% interest = 1,250,000 (cost) Visible Decision 40% int = 1,100,000 (cost) Online Direct 2 % int. = 150,000 (cost) Public Companies US LUMM 1 ,000,000 shares @ $24.00 Us x 1.47 = 35,280,000 Cnd VGIN 1,000,000 shares @ $25 3/8 Us x 1.47 = 37,301,125 Cnd Public companies Canadian BFG.V 70,000 shares @ 9.00 = 630,000 ESL.T aprox 600,000 shares @ 6.35 = 3,810,000 MNTX 2,200,000 shares @ 1.25 = 2,750,000 NSII 4,000,000 shares @.45 = 1,800,000 Total Book Value Assets 84,071,125 Shares out. 9,000,000 Equals $9.34 share in Book value Current trading price 2.85 Current shares trading at a 69.5% discount to book value Even though LUMM is trading at almost half the high it hit last week the book value is steady because VGIN is making up the difference. I feel comfy with my investment. I still cannot believe that the shares are trading this low. The company may want to start buying its stock back soon if the price stays this low. Vitalsigns