Pinetree Capital Ltd. Acquires Securities of Pacific Bay Minerals Ltd.
November 25 2010 - 12:09PM
Marketwired
Pinetree Capital Ltd. (TSX: PNP), announces that on November 22,
2010, it acquired ownership of 2,500,000 common shares ("Common
Shares") and 2,500,000 common share purchase warrants (the
"Warrants") of Pacific Bay Minerals Ltd. ("Pacific Bay"). Each
Warrant entitles the holder thereof to acquire one additional
common share at a price of $0.15 until November 22, 2011 and at a
price of $0.25 until November 22, 2012. In the event that the
Warrants are fully exercised, these holdings represent
approximately 8.7% of the total issued and outstanding common
shares of Pacific Bay 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 held, as at November 22,
2010, an aggregate of 5,500,000common shares of Pacific Bay,
including the Common Shares, and the Warrants. In the event that
the Warrants are fully exercised, Pinetree would hold an aggregate
of 8,000,000 common shares or approximately 13.8% of all issued and
outstanding common shares as at November 22, 2010, calculated on a
partially diluted basis assuming the exercise of the Warrants only.
This transaction was made for investment purposes and Pinetree
could increase or decrease its investment in Pacific Bay 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 416-941-9600 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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