Pinetree Capital Ltd. Acquires Securities of African Queen Mines Ltd.
August 09 2011 - 11:38AM
Marketwired
Pinetree Capital Ltd. (TSX: PNP), announces that on August 8, 2011,
it acquired ownership of 2,000,000 common shares ("Common Shares")
and 1,000,000 common share purchase warrants (the "Warrants") of
African Queen Mines Ltd. ("African Queen"). Each Warrant entitles
the holder thereof to acquire one additional common share at a
price of $0.40 until August 8, 2013. In the event that the Warrants
are fully exercised, these holdings represent approximately 5.1% of
the total issued and outstanding common shares of African Queen as
of August 8, 2011, calculated on a partially diluted basis assuming
the exercise of the Warrants only. As a result of this transaction,
Pinetree held, as at August 8, 2011, an aggregate of 5,000,000
common shares of African Queen, including the Common Shares, and
rights to acquire an additional 1,500,000 common shares of African
Queen 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 6,500,000 common shares of African
Queen, or approximately 10.9% of all issued and outstanding common
shares as at August 8, 2011, 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 African Queen
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 venture capital 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 and is recognized as a
value added partner in the resource industry.
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: Richard Patricio Vice
President, Legal and Corporate Affairs 416-941-9600
ir@pinetreecapital.com www.pinetreecapital.com
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