Pinetree Capital Ltd. Acquires Common Shares Of Greencastle Resources Ltd.
June 24, 2008
TORONTO, Canada (June 24, 2008) Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on June 23, 2008, it acquired ownership of 1,000,000 common shares (“Common Shares”) of Greencastle Resources Ltd. (“Greencastle”) through the facilities of the TSX Venture Exchange representing approximately 2.3% of the total issued and outstanding common shares of Greencastle as of June 23, 2008. As a result of this transaction, Pinetree held, as at June 23, 2008, an aggregate of 3,750,000 common shares of Greencastle and rights to acquire an additional 1,000,000 common shares of Greencastle upon the exercise of convertible securities (collectively, the “Convertible Securities”). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 4,750,000 common shares of Greencastle, or approximately 10.9% of all issued and outstanding common shares as at June 23, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investments in Greencastle 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 applicable Canadian securities laws. 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, except as required by law.
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