RE: PNP Just Bought inPinetree Capital Ltd. Acquires Securities of Sunrise Minerals Inc.
TORONTO, ONTARIO--(Marketwire - Nov. 28, 2007) - Pinetree Capital Ltd. (TSX:PNP), announces that on November 26, 2007 it acquired ownership of 1,059,667 common shares ("Common Shares") of Sunrise Minerals Inc. ("Sunrise") through the facilities of the TSX Venture Exchange representing approximately 2.8% of the total issued and outstanding common shares of Sunrise as of November 26, 2007. As a result of this transaction, Pinetree and its joint actors collectively held, as at November 26, 2007, an aggregate of 5,931,334 common shares of Sunrise, including the Common Shares, and rights to acquire an additional 3,910,710 common shares of Sunrise upon the exercise of convertible securities (collectively, the "Convertible Securities"). Of these totals, Pinetree owns an aggregate of 4,426,334 common shares, including the Common Shares and rights to acquire an additional 2,333,334 common shares upon exercise of convertible securities (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 8,842,044 common shares of Sunrise, or approximately 22.0% of all issued and outstanding common shares as at November 26, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the Pinetree Convertible Securities held directly by Pinetree are fully exercised, Pinetree's direct holdings would represent approximately 17.1% of all issued and outstanding common shares of Sunrise as of November 26, 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 Sunrise 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.