Pinetree Capital Ltd. Acquires Securities of Torch River Resources Ltd.
October 14 2011 - 1:13PM
Marketwired
Pinetree Capital Ltd. (TSX:PNP), announces that on June 3, 2011, it
acquired ownership of 2,000,000 common shares ("Common Shares") and
2,000,000 common share purchase warrants (the "Warrants") of Torch
River Resources Ltd. ("Torch River"). Each Warrant entitles the
holder thereof to acquire one additional common share at a price of
$0.10 until May 26, 2013. In the event that the Warrants are fully
exercised, these holdings represent approximately 5.7% of the total
issued and outstanding common shares of Torch River as of June 3,
2011, calculated on a partially diluted basis assuming the exercise
of the Warrants only. As a result of this transaction, Pinetree
held, as at June 3, 2011, an aggregate of 11,250,000 common shares
of Torch River, including the Common Shares, and rights to acquire
an additional 4,625,000 common shares of Torch River 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 15,875,000 common shares of Torch River, or
approximately 21.9% of all issued and outstanding common shares as
at June 3, 2011, 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 Torch River 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: Precious Metals, Base Metals,
Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal.
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. Pinetree is recognized as
a value-added partner in the resource industry.
Contacts: Pinetree Capital Ltd. Sheldon Inwentash Chairman &
CEOwww.pinetreecapital.com Investor Relations: Pinetree Capital
Ltd. Richard Patricio Vice President, Legal and Corporate Affairs
416-941-9600ir@pinetreecapital.comwww.pinetreecapital.com
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