PNP Acquires up to 15.2% of ISX ResourcesPinetree Capital Ltd. Acquires Securities of ISX Resources Inc.
TORONTO, ONTARIO, Apr 23 (MARKET WIRE) --
Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that on April 20, 2007 it acquired ownership of 1,250,000 common shares ("Common Shares") of ISX Resources Inc. ("ISX") and 1,250,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until April 20, 2008 at a price of $0.60. In the event that the Warrants are fully exercised, these holdings represent approximately 11.0% of the total issued and outstanding common shares of ISX as of April 20, 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 20, 2007, an aggregate of 1,756,000 common shares of ISX and rights to acquire an aggregate of 1,756,000 common shares of ISX upon exercise of convertible securities, including the Warrants (collectively, the "Convertible Securities"). Of these totals, Pinetree holds only the 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 3,512,000 common shares of ISX, or approximately 15.2% of such shares outstanding as of April 20, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.