TORONTO, CANADA--(Marketwired - Dec. 23, 2013) - Pinetree Capital Ltd. (TSX:PNP) announces that on December 20, 2013, it acquired ownership of 1,000,000 common shares ("Common Shares") and 500,000 common share purchase warrants (the "Warrants") of Coro Mining Corp. ("Coro") representing approximately 1.0% of the total issued and outstanding common shares of Coro as of December 20, 2013. As a result of this transaction, Pinetree and its joint actors collectively held, as at December 20, 2013, an aggregate of 15,715,000 common shares of Coro, including the Common Shares, and rights to acquire an additional 1,000,000 common shares of Coro upon the exercise of convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 14,715,000 common shares, including the Common Shares, and the Warrants (the "Pinetree Convertible Securities") directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 16,715,000 common shares of Coro or approximately 11.1% of all issued and outstanding common shares as at December 20, 2013, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represent a total of 15,215,000 common shares of Coro, or approximately 10.2% of all issued and outstanding common shares as at December 20, 2013, 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 its joint actors could increase or decrease their investment in Coro depending on market conditions or any other relevant factor.
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 venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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. Pinetree is recognized as a value-added partner in the resource industry.