Pinetree Capital Ltd. Acquires Common Shares Of Happy Creek Minerals Ltd.
January 2, 2008
TORONTO, Canada (January 2, 2008) – Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on December 31, 2007, it acquired ownership of 230,500 common shares (“Common Shares”) of Happy Creek Minerals Ltd. (“Happy Creek”) through the facilities of the TSX Venture Exchange representing approximately 0.9% of the total issued and outstanding common shares of Happy Creek as of December 31, 2007. As a result of this transaction, Pinetree and its joint actors collectively held, as at December 31, 2007, an aggregate of 3,429,000 common shares of Happy Creek and rights to acquire an additional 1,850,000 common shares of Happy Creek upon the exercise of convertible securities (collectively, the “Convertible Securities”). Of these totals, Pinetree owns an aggregate of 3,429,000 common shares of Happy Creek and convertible securities exercisable into an additional 1,250,000 common shares of Happy Creek (the “Pinetree Convertible Securities”). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 5,279,000 common shares of Happy Creek, or approximately 19.2% of all issued and outstanding common shares as at December 31, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the Pinetree Convertible Securities held directly by Pinetree are fully exercised, Pinetree’s direct holdings would represent approximately 17.4% of all issued and outstanding common shares of Happy Creek as of December 31, 2007, calculated on a partially diluted basis assuming the exercise of the Pinetree 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 Happy Creek depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”. Pinetree is a diversified investment and merchant banking firm focused on the small cap market. Pinetree’s investments are primarily in the resources sector: Uranium, Oil & Gas, Molybdenum, 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 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.