Pinetree Capital Ltd. Acquires Securities Of Visible Gold Mines Inc.
July 18, 2007
TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that on July 17, 2007 it acquired ownership of 1,350,000 common shares (“Common Shares”) of Visible Gold Mines Inc. (“Visible Gold”) and 675,000 common share purchase warrants (the “Warrants”) of Visible Gold on Visible Gold’s initial public offering on the TSX Venture Exchange. Each Warrant entitles the holder thereof to acquire one additional common share until July 17, 2009 at a price of $0.60. In the event that the Warrants are fully exercised, these holdings represent approximately 8.2% of the total issued and outstanding common shares of Visible Gold as of July 17, 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 July 17, 2007, an aggregate of 2,920,000 common shares of Visible Gold and rights to acquire an aggregate of 1,125,000 common shares of Visible Gold upon exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”). Of these totals, Pinetree holds only the Common Shares and the Warrants directly. If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 4,045,000 common shares of Visible Gold, or approximately 16.1% of such shares outstanding as of July 17, 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 Visible Gold depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the
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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