Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

November 12, 2007 14:17 ET

Pinetree Capital Ltd. Acquires Common Shares of Fury Explorations Ltd.

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2007) - Pinetree Capital Ltd. (TSX:PNP), announces that, through a series of transactions ending on November 9, 2007, it acquired ownership of 695,000 common shares ("Common Shares") of Fury Explorations Ltd. ("Fury") through the facilities of the TSX Venture Exchange representing approximately 2.5% of the total issued and outstanding common shares of Fury as of November 9, 2007. As a result of this transaction, Pinetree holds, as at November 9, 2007, 2,750,000 common shares of Fury, including the Common Shares and securities convertible into 250,000 common shares of Fury (the "Convertible Securities"). In the event that the Convertible Securities are fully exercised, Pinetree's holdings would represent a total of 3,000,000 common shares of Fury, or approximately 10.8% of all issued and outstanding common shares as at November 9, 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 Fury 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.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

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