Institutional Investors Purchase Kinross’ 17% Stake IN Pinecrest Resources
PINECREST RESOURCES LTD.
Suite 413 – 595 Burrard Street, P.O. 49167
Vancouver, British Columbia
V7X 1J1
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
INSTITUTIONAL INVESTORS PURCHASE KINROSS’ 17% STAKE IN PINECREST
RESOURCES
June 8, 2020 TSX-V: PCR
Vancouver, British Columbia: Pinecrest Resources Ltd. (TSX-V: PCR) (the "Company" or "Pinecrest") is
pleased to announce Ruffer LLP along with other institutional investors based in London, Hong Kong,
Canada and the United States have purchased 10,925,000 common shares of Pinecrest from Kinross Gold
Corporation (“Kinross”) at a price of $0.36 per common share representing approximately 17% of the
issued and outstanding shares of the C ompany. Upon settlement of the purchase , Ruffer LLP will own
7,500,000 common shares in Pinecrest representing an approximate 12% ownership in the Company prior
to the closing of the May 19th private placement, which is expected to close on June 17th, 2020.
Luke Alexander, President and Chief Executive Officer of Pinecrest Resources , stated: “We are very
excited to have such a prominent group of institutional mining investors become shareholders of Pinecrest.
Combined with the investors who participated alongside management and directors in the $3 .0 million
private placement announced on May 19 th, we believe we will be extremely well supported to execute on
our growth initiatives to create significant shareholder value. These investors share our vision that there is
a significant amount of value to be unlocked at ou r Enchi Gold Project. I would like to thank Kinross for
their support over the years and look forward to continuing to collaborate with them as our closest neighbour
in Ghana”.
On closing of the $3.0 million private placement financing announced on May 19, 2020, Pinecrest will have
79.8 million shares issued and outstanding with Management and the Board owing a 39% equity interest
and Ruffer LLP owning a 9% equity interest.
On Behalf of the Board of Directors
Pinecrest Resources Ltd.
"Luke Alexander"
Luke Alexander
President, CEO & Director
For further information contact: Luke Alexander
+1 604 484 4400
www.pinecrestresources.com
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