Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

August 13, 2007 10:25 ET

Pinetree Capital Ltd. Acquires Securities of Trigon Uranium Corp.

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2007) - Pinetree Capital Ltd. (TSX:PNP), a Canadian investment company, announces that on August 9, 2007 it acquired ownership of 1,000,000 common shares ("Common Shares") of Trigon Uranium Corp. ("Trigon") and 500,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.65 until August 8, 2009. In the event that the Warrants are fully exercised, these holdings represent approximately 2.8% of the total issued and outstanding common shares of Trigon as of August 9, 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 9, 2007, an aggregate of 6,230,800 common shares of Trigon and rights to acquire an additional 2,163,000 common shares of Trigon upon the exercise of convertible securities (collectively, the "Convertible Securities"). Of these totals, Pinetree directly owns an aggregate of 4,505,800 common shares and convertible securities exercisable into an additional 1,062,500 common shares of Trigon (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 8,193,800 common shares of Trigon, or approximately 15.3% of all issued and outstanding common shares as at August 9, 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 10.4% of all issued and outstanding common shares of Trigon as of August 9, 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 Trigon 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 www.pinetreecapital.com

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

  • Investors 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