Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

October 01, 2010 13:18 ET

Pinetree Capital Ltd. Acquires Securities of Goldeye Explorations Ltd.

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2010) - Pinetree Capital Ltd. (TSX:PNP), announces that on September 30, 2010, it acquired ownership of 5,000,000 common shares ("Common Shares") and 5,000,000 common share purchase warrants (the "Warrants") of Goldeye Explorations Ltd. ("Goldeye"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.125 until September 30, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 5.6% of the total issued and outstanding common shares of Goldeye as of September 30, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at September 30, 2010, an aggregate of 22,250,000 common shares of Goldeye, including the Common Shares, and rights to acquire an additional 8,000,000 common shares of Goldeye upon exercise of certain convertible securities, including the Warrants (the "Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 30,250,000 common shares of Goldeye, or approximately 16.6% of all issued and outstanding common shares as at September 30, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Goldeye 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 and Coal, 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

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