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FORM 3 OMB APPROVAL
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OMB Number: 3235-0104
Expires: September 30, 1998
Estimated average burden
. hours per response .... 0.5
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Hilal Capital Management, LLC
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(Last) (First) (Middle)
60 East 42nd Street, Suite 1946
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(Street)
New York New York 10165
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
07/15/99
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
Visible Genetics Inc. (VGIN)
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<PAGE>
FORM 3 (continued)
5. Relationship of Reporting Person to Issuer (Check all applicable)
[ ] Director
[ ] 10% Owner
[ ] Officer (give title below)
[X] Other (Specify below)
May be deemed a member of a group owning more than 10% of Issuer's Common
Stock
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check applicable line)
[x] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
TABLE I--NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title of Security 2. Amount of 3. Ownership 4. Nature of Indirect
(Instr. 4) Securities Form: Beneficial
Beneficially Direct (D) Ownership
Owned or Indirect (Instr. 5)
(Instr. 4) (I) (Instr. 5)
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<S> <C> <C> <C>
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Common Stock 340,363 I See Note 1
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</TABLE>
* If the Form is filed by more than one Reporting Person,
SEE instruction 5(b)(v).
Reminder: Report on a separate line for each class of
securities beneficially owned directly or indirectly.
(Print or Type Responses)
(Over)
SEC 1473 (7-96)
<PAGE>
FORM 3 (continued)
<TABLE>
<CAPTION>
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security 2. Date Exercisable and 3. Title and Amount
(Instr. 4) Expiration Date of Securities
(Month/Day/Year) Underlying
----------------------- Derivative
Date Expiration Security
Exercisable Date (Instr. 4)
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Title Amount or
Number of
Shares
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<S> <C> <C> <C> <C>
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Warrants Anytime 07/08/2003 Common 265,857
Stock
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Warrants Anytime 04/30/2003 Common 96,459
Stock
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Warrants Anytime 09/29/2003 Common 59,640
Stock
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Warrants Anytime 04/29/2003 Common 38,033
Stock
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Preferred Stock Anytime n/a Common 174,990
Stock
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<PAGE>
FORM 3 (continued)
4. Conversion or 5. Ownership Form of 6. Nature of Indirect
Exercise Price Derivative Security: Beneficial Ownership
of Derivative Direct (D) or (Instr. 5)
Security Indirect (I) (Instr. 5)
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<C> <C> <C>
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$12.60 I See Note 2
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$10.00 I See Note 2
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$10.00 I See Note 2
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$17.00 I See Note 2
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$11.00 I See Note 3
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</TABLE>
Explanation of Responses:
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Explanation of Responses:
Note 1 In accordance with Instruction 5(b)(ii) and Exchange Act Rule
16(a)(2)(ii)(c), the entire amount of the Issuer's Common Stock held by Hilal
Capital International Limited ("HCI") and other managed accounts with which the
undersigned is party to an investment management agreement is reported herein.
The undersigned disclaims any beneficial ownership of any of the securities to
which this Form relates for purposes of Section 16 of the Securities Exchange
Act of 1934, as amended.
Note 2 In accordance with Instruction 5(b)(ii) and Exchange Act Rule
16(a)(2)(ii)(c), the entire amount of the Issuer's warrants held by HCI and
other managed accounts with which the undersigned is party to an Investment
Management Agreement is reported herein. The undersigned disclaims any
beneficial ownership of any of the securities to which this Form relates for
purposes of Section 16 of the Securities Exchange Act of 1934, as amended.
<PAGE>
FORM 3 (continued)
Note 3 In accordance with Instruction 5(b)(ii) and Exchange Act Rule
16(a)(2)(ii)(c), the entire amount of the Issuer's preferred stock held by HCI
and other managed accounts with which the undersigned is party to an Investment
Management Agreement (1925 shares, convertible into 174,990 shares of Common
Stock) is reported herein. The undersigned disclaims any beneficial ownership
of any of the securities to which this Form relates for purposes of Section 16
of the Securities Exchange Act of 1934, as amended.
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, SEE Instruction 6 for procedure.
DATED: 07/26/99
Hilal Capital Management, LLC
/s/Peter K. Hilal
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Peter K. Hilal, MD
Managing Member
Date: July 26, 1999
