Silver Spruce Resources Inc V.SSE

Pinetree Capital Ltd. Acquires Securities of Silve

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Pinetree Capital Ltd. Acquires Securities of Silver Spruce Resources Inc.
Date:
10/09/2010 @ 15h56
Source:
MarketWire Canada
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TORONTO, ONTARIO--(Marketwire - Sept. 10, 2010) - Pinetree Capital Ltd. (TSX:PNP), announces that on September 9, 2010,it acquired ownership of 2,500,000 common shares ("Common Shares") and 2,500,000 common share purchase warrants (the"Warrants") of Silver Spruce Resources Inc. ("Silver Spruce"). Each Warrant entitles the holder thereof to acquire oneadditional common share at a price of
.10 until September 9, 2012. In the event that the Warrants are fully exercised,these holdings represent approximately 6.2% of the total issued and outstanding common shares of Silver Spruce as ofSeptember 9, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result ofthis transaction, Pinetree held, as at September 9, 2010, an aggregate of 9,849,000 common shares of Silver Spruce,including the Common Shares and rights to acquire an additional 6,500,000 common shares of Silver Spruce upon exerciseof certain convertible securities (the "Convertible Securities") including the Warrants. In the event that theConvertible Securities are fully exercised, the holdings of Pinetree represents a total of 16,349,000 common shares ofSilver Spruce, or approximately 19.2% of all issued and outstanding common shares as at September 9, 2010, calculated ona partially diluted basis assuming the exercise of the Convertible Securities only.
This transaction was made for investment purposes and Pinetree could increase or decrease its investment in SilverSpruce depending on market conditions or any other relevant factor.
About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares arepublicly-traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP". Pinetree is a diversified investment andmerchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector:Uranium and Coal, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths. Pinetree's investmentapproach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-capopportunities within that sector, and devise an exit strategy designed to maximize our relative return in light ofchanging fundamentals and opportunities.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.