Pinetree Capital Ltd. Acquires Securities of Rare Earth Metals Inc.
November 23 2010 - 5:07PM
Marketwired
Pinetree Capital Ltd. (TSX: PNP), announces that on November 22,
2010, it acquired ownership of 500,000 common shares ("Common
Shares") and 250,000 common share purchase warrants (the
"Warrants") of Rare Earth Metals Inc. ("Rare Earth"). Each Warrant
entitles the holder to acquire one common share of Rare Earth at a
price of $0.60 until November 22, 2011. In the event that the
Warrants are fully exercised, these holdings represent
approximately 1.0% of the total issued and outstanding common
shares of Rare Earth as of November 22, 2010, 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 November 22, 2010, an aggregate of
8,813,000 common shares of Rare Earth, including the Common Shares
and rights to acquire an additional 2,250,000 common shares of Rare
Earth upon exercise of certain convertible securities (the
"Convertible Securities"), including the Warrants. Of these totals,
Pinetree owns 6,250,000 common shares, including the Common Shares
and all of the Convertible Securities directly. In the event that
the Convertible Securities are fully exercised, the holdings of
Pinetree and its joint actors represents a total of 11,063,000
common shares of Rare Earth, or approximately 13.9% of all issued
and outstanding common shares as at November 22, 2010, calculated
on a partially diluted basis assuming the exercise of the
Convertible Securities only. In the event that the Convertible
Securities are fully exercised, the direct holdings of Pinetree
represents a total of 8,500,000 common shares of Rare Earth, or
approximately 10.7% of all issued and outstanding common shares as
at November 22, 2010, calculated on a partially diluted basis
assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and
Pinetree or its joint actors could increase or decrease their
investment in Rare Earth 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
Contacts: Pinetree Capital Ltd. Sheldon Inwentash Chairman &
CEO www.pinetreecapital.com Investor Relations: Pinetree Capital
Ltd. Richard Patricio Vice President, Legal and Corporate Affairs
416-941-9600 ir@pinetreecapital.com www.pinetreecapital.com
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