OT: Pinetree buys 2 million shares of TCR:Pinetree buys two million Torch River shares
2010-04-05 12:45 ET - News Release
See News Release (C-PNP) Pinetree Capital Ltd
Mr. Larry Goldberg of Pinetree Capital reports
PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF TORCH RIVER RESOURCES LTD.
OnApril 1, 2010, Pinetree Capital Ltd. acquired ownership of two millioncommon shares of Torch River Resources Ltd. and two million commonshare purchase warrants. Each warrant entitles the holder thereof toacquire one additional common share until March 31, 2015, at a price of10 cents. In the event that the warrants are fully exercised, theseholdings represent approximately 7.1 per cent of the total issued andoutstanding common shares of Torch as of April 1, 2010, calculated on apartially diluted basis assuming the exercise of the warrants only. Asa result of this transaction, Pinetree held, as at April 1, 2010, atotal of eight million common shares of Torch and the warrants. IfPinetree were to exercise all of the warrants, its ownership wouldrepresent a total of 10 million common shares of Torch, orapproximately 17.8 per cent of such shares outstanding as of April 1,2010, calculated on a partially diluted basis assuming the exercise ofthe warrants only.
These transactions were made for investmentpurposes and Pinetree could increase or decrease its investment intorch depending on market conditions or any other relevant factor.