Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

December 24, 2010 12:20 ET

Pinetree Capital Ltd. Acquires Securities of Solitaire Minerals Corp.

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2010) - Pinetree Capital Ltd. (TSX:PNP), announces that on December 22, 2010, it acquired ownership of 4,000,000 common shares ("Common Shares") and 4,000,000 common share purchase warrants (the "Warrants") of Solitaire Minerals Corp. ("Solitaire"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.10 until December 22, 2011 and at a price of $0.125 until December 22, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 10.4% of the total issued and outstanding common shares of Solitaire as of December 22, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at December 22, 2010, an aggregate of 6,200,000 common shares of Solitaire, including the Common Shares, and rights to acquire an additional 5,750,000 common shares of Solitaire 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 11,950,000 common shares of Solitaire, or approximately 15.2% of all issued and outstanding common shares as at December 22, 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 Solitaire 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

Contact Information

  • Pinetree Capital Ltd.
    Sheldon Inwentash
    Chairman & CEO
    130 King Street West, Suite 2500
    Toronto, Ontario, Canada, M5X 1A9
    www.pinetreecapital.com
    or
    Investor Relations:
    Pinetree Capital Ltd.
    Richard Patricio
    Vice President, Legal and Corporate Affairs
    416-941-9600
    ir@pinetreecapital.com