Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

October 22, 2007 11:11 ET

Pinetree Capital Ltd. Acquires Securities of Mantis Mineral Corp.

TORONTO, ONTARIO--(Marketwire - Oct. 22, 2007) - Pinetree Capital Ltd. (TSX:PNP), announces that on October 19, 2007, it acquired ownership of 3,000,000 common shares ("Common Shares") of Mantis Mineral Corp. ("Mantis") and 1,500,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until October 19, 2009, at a price of $0.50. In the event that the Warrants are fully exercised, these holdings represent approximately 8.7% of the total issued and outstanding common shares of Mantis as of October 19, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors held, as at October 19, 2007, an aggregate of 6,250,000 common shares of Mantis and convertible securities exercisable into 2,000,000 common shares of Mantis (the "Convertible Securities"), including the Warrants. Of these totals, Pinetree directly holds 5,000,000 common shares and the Warrants. If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 8,250,000 common shares of Mantis, or approximately 15.8% of such shares outstanding as of October 19, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. If Pinetree were to exercise all of the Warrants, its direct ownership would represent a total of 6,500,000 common shares of Mantis, or approximately 12.5% of such shares outstanding as of October 19, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Mantis 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
    Website: www.pinetreecapital.com
    or
    Media Relations: Pinetree Capital Ltd.
    Wanda Cutler
    Director of Corporate Communications
    (416) 860-1717