Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

December 11, 2007 12:38 ET

Pinetree Capital Ltd. Acquires Securities of Delta Exploration Inc.

TORONTO, ONTARIO--(Marketwire - Dec. 11, 2007) - Pinetree Capital Ltd. (TSX:PNP), announces that through a series of transactions ending on December 10, 2007 it acquired ownership of 625,300 common shares ("Common Shares") of Delta Exploration Inc. ("Delta") through the facilities of the TSX Venture Exchange representing approximately 2.4% of the total issued and outstanding common shares of Delta as of December 10, 2007. As a result of this transaction, Pinetree and its joint actor collectively held, as at December 10, 2007, an aggregate of 4,225,300 common shares of Delta, including the Common Shares, and rights to acquire an additional 1,300,000 common shares of Delta upon the exercise of convertible securities (collectively, the "Convertible Securities"). Of these totals, Pinetree owns an aggregate of 3,225,300 common shares, including the Common Shares and the Convertible Securities directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actor represents a total of 5,525,300 common shares of Delta, or approximately 19.9% of all issued and outstanding common shares as at December 10, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the Convertible Securities held directly by Pinetree are fully exercised, Pinetree's direct holdings would represent approximately 16.3% of all issued and outstanding common shares of Delta as of December 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 Delta 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.

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