Pinetree Capital Ltd.

Pinetree Capital Ltd.

August 20, 2007 09:58 ET

Pinetree Capital Ltd. Acquires Securities of Sunrise Minerals Inc.

TORONTO, ONTARIO--(Marketwire - Aug. 20, 2007) - Pinetree Capital Ltd. (TSX:PNP), a Canadian investment company, announces that on August 17, 2007 it acquired ownership of 2,000,000 common shares ("Common Shares") of Sunrise Minerals Inc. ("Sunrise") and 2,000,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.22 until August 10, 2009. In the event that the Warrants are fully exercised, these holdings represent approximately 8.7% of the total issued and outstanding common shares of Sunrise as of August 17, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at August 17, 2007, an aggregate of 5,116,667 common shares of Sunrise and rights to acquire an additional 3,910,710 common shares of Sunrise upon the exercise of convertible securities (collectively, the "Convertible Securities"). Of these totals, Pinetree directly owns an aggregate of 3,366,667 common shares and convertible securities exercisable into an additional 2,333,334 common shares of Sunrise (the "Pinetree Convertible Securities"), including the Warrants. In the event that the Convertible Securities are fully exercised, the aggregate holdings of Pinetree and its joint actors represents a total of 9,027,377 common shares of Sunrise, or approximately 18.8% of all issued and outstanding common shares as at August 17, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the Pinetree Convertible Securities held directly by Pinetree are fully exercised, Pinetree's direct holdings would represent approximately 12.3% of all issued and outstanding common shares of Sunrise as of August 17, 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 could increase or decrease its investment in Sunrise 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" and is included in the Standard & Poor's/Toronto Stock Exchange composite index. 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

This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

Contact Information

  • Investor Relations:
    Pinetree Capital Ltd.
    Larry Goldberg, C.A.
    Executive Vice President and Chief Financial Officer
    (416) 941-9600
    Media Relations:
    Pinetree Capital Ltd.
    Wanda Cutler
    Director of Corporate Communications
    (416) 860-1717