"In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 8,350,000 common shares of AurCrest, or approximately 19.7% of all issued and outstanding common shares as at November 18, 2011, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only."

Is Pinetree Capital over 20% fully diluted then? I recall that one cannot acquire more than 20% of a public Co without making an offer for all the shares... I believe that the is the "20%" for that purpose is calculated including only the convertible securities. Which would not include the warrants and options... Not an expert, though. I can stand corrected! And there may be exceptions (FT financing?).

Anyways, Pathway (MF) and Pinetree do own a pretty good chunk of this company! There surely a belief of some sort in AGO!

GLTA.

BaBe.