Pinetree Capital Ltd. Acquires Common Shares Of
Mega Uranium Ltd.
September 1, 2006
Ontario (September 1, 2006) –
Pinetree Capital Ltd. (TSX: PNP), announces that on September 1, 2006 it acquired ownership of 5,000,000 common shares (“Common Shares”) of Mega Uranium Ltd. (“Mega”) (TSXV: MGA), which represents approximately 4.6% of the total issued and outstanding common shares of Mega as of September 1, 2006. As a result of this transaction, Pinetree and its joint actors held, as at September 1, 2006, an aggregate of 8,656,200 common shares of Mega and rights to acquire an aggregate of 5,250,000 common shares of Mega upon certain convertible securities (the “Convertible Securities”). Of these totals, Pinetree holds only 5,201,200 common shares directly, representing approximately 4.9% of the total issed and outstanding common shares of Mega as of September 1, 2006. If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 13,906,200 common shares of Mega, or approximately 12.4% of such shares outstanding as of September 1, 2006, calculated on a partially diluted basis assuming the exercise of the 5,250,000 Convertible Securities only.
These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Mega depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”, is a diversified investment, financial advisory and merchant banking firm focused on the small cap market. Pinetree’s investments are primarily in the resources sector: Oil & Gas, Uranium, 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 may contain 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.
Investor Relations Contact for Pinetree Capital Ltd.:
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
130 King Street West, Suite 2810
Canada, M5X 1A9
Email: email@example.com Web Site: www.pinetreecapital.com