Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

March 01, 2010 10:44 ET

Pinetree Capital Ltd. Acquires Securities of MacDonald Mines Exploration Ltd.

TORONTO, ONTARIO--(Marketwire - March 1, 2010) - Pinetree Capital Ltd. (TSX:PNP), announces that, through a series of transactions ending on February 22, 2010, it acquired ownership of 1,000,000 common shares ("Common Shares") of MacDonald Mines Exploration Ltd. ("MacDonald") through the facilities of the TSX Venture Exchange representing approximately 0.6% of the total issued and outstanding common shares of MacDonald as of February 22, 2010. As a result of this transaction, Pinetree and its joint actors held, as at February 22, 2010, an aggregate of 25,306,000 common shares of MacDonald and convertible securities exercisable into 4,700,000 common shares of MacDonald (the "Convertible Securities"). Of these totals, Pinetree directly holds 16,000,000 common shares and convertible securities exercisable into 3,075,000 common shares of MacDonald (the "Pinetree Convertible Securities"). If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 30,006,000 common shares of MacDonald, or approximately 18.5% of such shares outstanding as of February 22, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. If Pinetree were to exercise all of the Pinetree Convertible Securities, its direct ownership would represent a total of 19,075,000 common shares of MacDonald, or approximately 11.9% of such shares outstanding as of February 22, 2010, calculated on a partially diluted basis assuming the exercise of the Pinetree 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 MacDonald 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 are 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, Precious Metals, Base Metals and Potash, Lithium and Rare Earths. Pinetree's investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.

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
    ir@pinetreecapital.com
    or
    Media Relations:
    Pinetree Capital Ltd.
    Wanda Cutler
    Director of Corporate Communications
    416-860-1717
    www.pinetreecapital.com