Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

November 06, 2007 11:57 ET

Pinetree Capital Ltd. Acquires Securities of Probe Mines Ltd.

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2007) - Pinetree Capital Ltd. (TSX:PNP), announces that on November 6, 2007, it acquired ownership of 2,000,000 common shares ("Common Shares") of Probe Mines Ltd. ("Probe") and 1,000,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until November 6, 2009, at a price of $1.00. In the event that the Warrants are fully exercised, these holdings represent approximately 9.7% of the total issued and outstanding common shares of Probe as of November 6, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree holds 3,885,000 common shares, including the Common Shares and the Warrants. If Pinetree were to exercise all of the Warrants, its ownership would represent a total of 4,885,000 common shares of Probe, or approximately 15.8% of such shares outstanding as of November 6, 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 Probe 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