Good acquisition!Pinetree Capital Ltd. Acquires Securities of Virgin Metals Inc.
TORONTO, ONTARIO, Apr 20 (MARKET WIRE) --
Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that on April 19, 2007 it acquired ownership of 3,500,000 common shares ("Common Shares") of Virgin Metals Inc. ("Virgin") and 1,750,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until April 18, 2009 at a price of $0.75. In the event that the Warrants are fully exercised, these holdings represent approximately 6.7% of the total issued and outstanding common shares of Virgin as of April 19, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors held, as at April 19, 2007, an aggregate of 7,420,500 common shares of Virgin and rights to acquire an aggregate of 4,150,000 common shares of Virgin upon exercise of convertible securities, including the Warrants (collectively, the "Convertible Securities"). Of these totals, Pinetree holds 7,420,500 common shares and the Warrants directly. If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 11,570,500 common shares of Virgin, or approximately 14.3% of such shares outstanding as of April 19, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. If only the Warrants are fully exercised, the direct holdings of Pinetree represent approximately 11.7% of all issued and outstanding common shares of Virgin as of April 19, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only.