more NEWS pinetree aquires shares of BMK.Vmust be a part of the $10 million PP?
Pinetree Capital Ltd.
TSX: PNP
Oct 31, 2007 14:10 ET
Pinetree Capital Ltd. Acquires Securities of MacDonald Mines Exploration Ltd.
TORONTO, ONTARIO--(Marketwire - Oct. 31, 2007) - Pinetree Capital Ltd. (TSX:PNP), announces that on October 30, 2007, it acquired ownership of 3,075,000 common shares ("Common Shares") of MacDonald Mines Exploration Ltd. ("MacDonald") and 3,075,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until October 30, 2009, at a price of $0.50. In the event that the Warrants are fully exercised, these holdings represent approximately 4.4% of the total issued and outstanding common shares of MacDonald as of October 30, 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 October 30, 2007, an aggregate of 15,825,000 common shares of MacDonald and convertible securities exercisable into 4,325,000 common shares of MacDonald (the "Convertible Securities"), including the Warrants. Of these totals, Pinetree directly holds 8,075,000 common shares and the Warrants. If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 20,150,000 common shares of MacDonald, or approximately 14.3% of such shares outstanding as of October 30, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. If Pinetree were to exercise all of the Warrants, its direct ownership would represent a total of 11,150,000 common shares of MacDonald, or approximately 8.0% of such shares outstanding as of October 30, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only.
These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in MacDonald depending on market conditions or any other relevant factor.
About Pinetree
Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP". Pinetree is a diversified investment and merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Uranium, Oil & Gas, Molybdenum, Precious Metals and Base Metals. Pinetree's investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.
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