Pinetree Capital Ltd. Acquires Securities of Creso Exploration Inc.
TORONTO, CANADA--(Marketwire - Dec. 28, 2012) - Pinetree Capital Ltd. (TSX:PNP), announces that on December 28, 2012, it acquired ownership of 2,000,000 common shares ("Common Shares") and 2,000,000 common share purchase warrants (the "Warrants") of Creso Exploration Inc. ("Creso"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.10 until December 28, 2014. In the event that the Warrants are fully exercised, these holdings represent approximately 2.8% of the total issued and outstanding common shares of Creso as of December 28, 2012, calculated on a partially diluted basis assuming the exercise of the Warrants only.
As a result of this transaction, Pinetree and its joint actors collectively held, as at December 28, 2012, an aggregate of 15,172,000 common shares of Creso, including the Common Shares, and rights to acquire an additional 6,500,000 common shares of Creso upon exercise of certain convertible securities (the "Convertible Securities"), including the Warrants. Of these totals, Pinetree owns 8,400,000 common shares, including the Common Shares, and 2,750,000 of the Convertible Securities, including the Warrants (the "Pinetree Convertible Securities"), directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 21,672,000 common shares of Creso, or approximately 14.9% of all issued and outstanding common shares as at December 28, 2012, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 11,150,000 common shares of Creso, or approximately 7.9% of all issued and outstanding common shares as at December 28, 2012, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Creso depending on market conditions or any other relevant factor.