Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

June 05, 2007 13:35 ET

Pinetree Capital Ltd. Acquires Common Shares of Delta Exploration Inc.

TORONTO, ONTARIO--(Marketwire - June 5, 2007) - Pinetree Capital Ltd. (TSX:PNP), a Canadian investment company, announces that, through a series of transactions ending on June 4, 2007, it acquired ownership of 1,150,000 common shares ("Common Shares") of Delta Exploration Inc. ("Delta") through the facilities of the TSX Venture Exchange representing approximately 4.5% of the total issued and outstanding common shares of Delta as of June 5, 2007. As a result of this transaction, Pinetree held, as at June 5, 2007, an aggregate of 2,450,000 common shares of Delta and rights to acquire an additional 1,300,000 common shares of Delta upon the exercise of convertible securities (collectively, the "Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 3,750,000 common shares of Delta, or approximately 13.8% of all issued and outstanding common shares as at June 5, 2007, calculated on a partially diluted basis assuming the exercise of the 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 Delta 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" and is included in the Standard & Poor's/Toronto Stock Exchange composite index. 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.

Contact Information

  • Investor Relations: Pinetree Capital Ltd.
    Larry Goldberg, C.A.
    Executive Vice President and Chief Financial Officer
    (416) 941-9600
    Email: ir@pinetreecapital.com
    or
    Media Relations: Pinetree Capital Ltd.
    Wanda Cutler
    Director of Corporate Communications
    (416) 860-1717
    Website: www.pinetreecapital.com