SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________
SCHEDULE 13G
INFORMATION STATEMENT PURSUANT TO RULES 13D-1 AND 13D-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)1
| Tornado Gold International Corp. |
| (Name of Issuer) |
| Common Shares |
| (Title of Class of Securities) |
| 89108P108 |
| (CUSIP Number) |
| December 31, 2006 |
| (Date of Event Which Requires Filing of this Statement) |
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
_________________
1 The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes.)
| CUSIP No. 89108P108 | 13G | Page 2 of 6 Pages |
| 1 | Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (entities only) RAB Special Situations (Master) Fund Limited |
| 2 |
Check the Appropriate Box if a Member of a Group (See Instructions) (a) (b) |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization Cayman Islands |
|
Number of Shares Beneficially Owned by Each Reporting Person With: |
5 | Sole Voting Power 10,000,000* |
| 6 | Shared Voting Power 0 |
|
| 7 | Sole Dispositive Power 10,000,000* |
|
| 8 | Shared Dispositive Power 0 |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 10,000,000* **The aggregate amount beneficially owned by the reporting person consists of: (1) special warrants exercisable without payment of additional consideration to acquire 5,000,000 shares of common stock, and (2) warrants expiring in three years exercisable to acquire an additional 5,000,000 shares of the issuer’s common stock. Under the terms of the warrants, in no event shall such securities be converted into common shares if, after giving effect to such conversion, the holder would, in aggregate, beneficially own common shares of the issuer in excess of 9.99% of the issued and outstanding common shares, within the meaning of Rule 13d-1 of the Securities Exchange Act of 1934, as amended. Under the terms of the special warrants, in no event shall such securities be converted into common shares if, after giving effect to such conversion, the holder would, in aggregate, beneficially own common shares of the issuer in excess of 9.99% of the issued and outstanding common shares, within the meaning of Rule 13d-1 of the Securities Exchange Act of 1934, as amended. |
| 10 | Check If the Aggregate Amount in Row (9) Excludes Certain Shares* |
| CUSIP No. 89108P108 | 13G | Page 3 of 6 Pages |
| 11 | Percent of Class Represented by Amount in Row (9) Up to 9.99%** **The percentages used herein are calculated based upon 28,791,725 outstanding shares reported in the issuer’s quarterly report on Form 10-QSB filed on May 15, 2006. Under the terms of the warrants, in no event shall such securities be converted into common shares if, after giving effect to such conversion, the holder would, in aggregate, beneficially own common shares of the issuer in excess of 9.99% of the issued and outstanding common shares, within the meaning of Rule 13d-1 of the Securities Exchange Act of 1934, as amended. Under the terms of the special warrants, in no event shall such securities be converted into common shares if, after giving effect to such conversion, the holder would, in aggregate, beneficially own common shares of the issuer in excess of 9.99% of the issued and outstanding common shares, within the meaning of Rule 13d-1 of the Securities Exchange Act of 1934, as amended. |
| 12 | Type of Reporting Person (See Instructions) CO |
| CUSIP No. 89108P108 | 13G | Page 4 of 6 Pages |
| Item 1 (a) | Name of Issuer: | |
| Tornado Gold International Corp. | ||
| Item 1 (b) | Address of Issuer's Principal Executive Offices: | |
|
8600 Technology Way Suite 118 Reno, Nevada 89521 |
||
| Item 2 (a) | Name of Person Filing: RAB Special Situations (Master) Fund Limited |
|
| Item 2 (b) | Address of Principal Business Office or, if none, Residence: | |
|
RAB Special Situations (Master) Fund Limited P.O. Box 908 GT Walker House Mary Street George Town, Cayman Islands |
||
| Item 2 (c) | Citizenship: Cayman Islands |
|
| Item 2 (d) | Title of Class of Securities: Common Shares |
|
| Item 2 (e) | CUSIP Number: | |
| 89108P108 | ||
| Item 3. | If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a: |
||
|---|---|---|---|
| (a) | |
Broker or dealer registered under Section 15 of the Act. |
|
| (b) | |
Bank as defined in Section 3(a)(6) of the Act. |
|
| (c) | |
Insurance company as defined in Section 3(a)(19) of the Act. |
|
| (d) | |
Investment company registered under Section 8 of the Investment Company Act. |
|
| (e) | |
An investment adviser in accordance with Rule 13d-1(b)(1)
(ii)(E); |
|
| (f) | |
An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F); |
|
| (g) | |
A parent holding company, in accordance with Rule
13d-1(b)(ii)(G); |
|
| (h) | |
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; |
|
| (i) | |
A church plan that is excluded from the definition of an investment company
under section 3(c)(14) of the Investment Company Act of 1940; |
|
| (j) | |
Group, in accordance with Rule 13d-1(b)(1)(ii)(J). | |
|
If this statement is filed pursuant to Rule 13d-1(c), check this box. | ||
| CUSIP No. 89108P108 | 13G | Page 5 of 6 Pages |
| Item 4. | Ownership. | |
| Provide the following information regarding the aggregate number and percentage of the class of securities identified in Item 1. | ||
| (a) | Amount beneficially owned: | |
| See Item 9 on the cover page |
| (b) | Percent of Class: | |
| See Item 11 on the cover page |
| (c) | Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: (ii) Shared power to vote or direct the vote: (iii) Sole power to dispose or to direct the disposition of: (iv) Sole power to dispose or to direct the disposition of: See Items 5-8 on cover page |
| Item 5. |
Ownership of Five Percent or Less of a Class. |
|
| If the statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ] | ||
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person. | |
| N/A | ||
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. | |
| N/A | ||
| Item 8. |
Identification and Classification of Members of the Group. N/A |
|
| Item 9. |
Notice of Dissolution of Group. N/A |
|
| Item 10. |
Certification. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. |
|
| CUSIP No. 89108P108 | 13G | Page 6 of 6 Pages |
SIGNATURE
After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct.
|
January 26, 2007 (Date) |
|
RAB Special Situations (Master) Fund Limited by Benjamin Hill and Fraser McGee Authorised signatories for RAB Capital plc for and on behalf of RAB Special Situations (Master) Fund Limited /s/ Benjamin Hill (Signature) /s/ Fraser McGee (Signature) |