Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

December 18, 2007 09:27 ET

Pinetree Capital Ltd. Acquires Securities of Sofame Technologies Inc.

TORONTO, ONTARIO--(Marketwire - Dec. 18, 2007) - Pinetree Capital Ltd. (TSX:PNP), announces that on December 13, 2007, it acquired ownership of convertible debentures convertible into 1,499,998 common shares (the "Convertible Debentures") of Sofame Technologies Inc. ("Sofame"). In the event that the Convertible Debentures are fully exercised, these holdings represent approximately 2.3% of the total issued and outstanding common shares of Sofame as of December 13, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Debentures only. As a result of this transaction, Pinetree and its joint actors held, as at December 13, 2007, an aggregate of 1,225,000 common shares of Sofame and convertible securities exercisable into 11,342,589 common shares of Sofame (the "Convertible Securities"), including the Convertible Debentures. Of these totals, Pinetree directly holds 500,000 common shares and rights to acquire an additional 8,999,998 common shares of Sofame (the "Pinetree Convertible Securities"), including the Convertible Debentures. If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 12,567,589 common shares of Sofame, or approximately 16.7% of such shares outstanding as of December 13, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. If Pinetree were to exercise all of the Pinetree Convertible Securities, its direct ownership would represent a total of 9,499,998 common shares of Sofame, or approximately 13.0% of such shares outstanding as of December 13, 2007, 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 each of its joint actors could increase or decrease their respective investments in Sofame 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.

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