Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

October 11, 2007 15:55 ET

Pinetree Capital Ltd. Acquires Common Shares of Landdrill International Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 11, 2007) - Pinetree Capital Ltd. (TSX:PNP), announces that, through a series of transactions ending on October 10, 2007, it acquired ownership of 338,000 common shares ("Common Shares") of Landdrill International Inc. ("Landdrill") through the facilities of the TSX Venture Exchange representing approximately 0.9% of the total issued and outstanding common shares of Landdrill as of October 10, 2007. As a result of this transaction, Pinetree and its joint actors collectively held, as at October 10, 2007, an aggregate of 4,939,000 common shares of Landdrill and rights to acquire an additional 900,000 common shares of Landdrill upon the exercise of convertible securities (collectively, the "Convertible Securities"). Of these totals, Pinetree owns an aggregate of 4,439,000 common shares, including the Common Shares, and the Convertible Securities. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 5,839,000 common shares of Landdrill, or approximately 15.2% of all issued and outstanding common shares as at October 10, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the Convertible Securities are fully exercised, Pinetree's direct holdings would represent approximately 13.9% of all issued and outstanding common shares of Landdrill as of October 10, 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 Landdrill 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.

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