Pinetree acquires 4.16 million Monroe sharesPinetree acquires 4.16 million Monroe shares
Pinetree Capital Ltd (C:PNP)
Shares Issued 113,465,232
Last Close 11/13/2007 $5.29
Wednesday November 14 2007 - News Release
Also Monroe Minerals Inc (C:MMX) News Release
Mr. Larry Goldberg of Pinetree reports
PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF MONROE MINERALS INC.
Pinetree Capital Ltd., on Nov. 9, 2007, acquired ownership of 4,166,666 common shares of Monroe Minerals Inc. and 4,166,666 common share purchase warrants. Each warrant entitles the holder thereof to acquire one additional common share until Nov. 9, 2008, at a price of 10 cents, and until Nov. 9, 2009, at a price of 12 cents. In the event that the warrants are fully exercised, these holdings represent approximately 7.2 per cent of the total issued and outstanding common shares of Monroe as of Nov. 9, 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 Nov. 9, 2007, a total of 6,666,666 common shares of Monroe, including the common shares, and convertible securities exercisable into 5,616,666 common shares of Monroe, including the warrants. Of these totals, Pinetree directly holds 6,666,666 common shares and convertible securities exercisable into 5,416,666 common shares of Monroe, including the warrants. If Pinetree and its joint actors were to exercise all of the convertible securities, their combined ownership would represent a total of 12,283,332 common shares of Monroe, or approximately 10.5 per cent of such shares outstanding as of Nov. 9, 2007, calculated on a partially diluted basis assuming the exercise of the convertible securities only. If Pinetree was to exercise all of the Pinetree convertible securities, its direct ownership would represent a total of 12,083,332 common shares of Monroe, or approximately 10.4 per cent of such shares outstanding as of Nov. 9, 2007, calculated on a partially diluted basis assuming the exercise of the Pinetree convertible securities only.
These transactions were made for investment purposes, and Pinetree and each of its joint actors could increase or decrease their respective investments in Monroe depending on market conditions or any other relevant factor.