Pinetree Capital Ltd. Acquires Securities Of
Bactech Mining Corporation
March 16, 2007
TORONTO, Ontario –
Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that it acquired ownership of 1,500,000 common shares (“Common Shares”) of BacTech Mining Corporation (“BacTech”) and 750,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder thereof to acquire one additional common share until March 15, 2008 at a price of $0.30. In the event that the Warrants are fully exercised, these holdings represent approximately 3.9% of the total issued and outstanding common shares of BacTech as of March 15, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors held, as at March 15, 2007, an aggregate of 5,900,000 common shares of BacTech and rights to acquire an aggregate of 1,750,000 common shares of BacTech upon exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”). Of these totals, Pinetree holds directly, 4,500,000 common shares and convertible securities exerciseable into 1,550,000 common shares of BacTech, including the Warrants, representing approximately 10.4% of such shares outstanding as of March 15, 2007, calculated on a partially diluted basis assuming the exercise of the 1,550,000 convertible securities only. If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 7,650,000 common shares of BacTech, or approximately 13.1% of such shares outstanding as of March 15, 2007, calculated on a partially diluted basis assuming the exercise of the 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 BacTech depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the
Ontario and is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”. Pinetree develops and manages a portfolio of equity securities of private and public issuers engaged in growth businesses in the following three sectors: (i) Uranium, Mining and Oil & Gas; (ii) Biotechnology; and (iii) Technology and Other. Pinetree’s investment focus among these three sectors changes over time, depending on changing investment opportunities. As well, Pinetree takes advantage of special situations and merchant banking opportunities.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.
This news release contains 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 2500
Canada, M5X 1A9
Email: email@example.com Web Site: www.pinetreecapital.com