Pinetree Capital Ltd. Acquires Securities Of Longford Energy Inc.
March 26, 2008
TORONTO, Ontario (March 26, 2008) – Pinetree Capital Ltd. (TSX: PNP), announces that on March 6, 2008 it acquired ownership of 925,926 common shares (“Common Shares”) of Longford Energy Inc. (“Longford”) and 925,926 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.35 until February 28, 2010. In the event that the Warrants are fully exercised, these holdings represent approximately 10.6% of the total issued and outstanding common shares of Longford as of March 6, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only. Immediately following the acquisition of the Common Shares and Warrants, Pinetree holds 1,049,259 common shares of Longford, including the Common Shares and the Warrants, directly. In the event that the Convertible Securities are fully exercised, Pinetree’s holdings represent 1,975,185 common shares of Longford or approximately 11.3% of the total issued and outstanding common shares of Longford as of March 6, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Longford depending on market conditions or any other relevant factor.
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.
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