Pinetree Capital Ltd. Acquires Securities Of Colossus Minerals Inc.
February 13, 2008
TORONTO, Ontario (February 13, 2008) – Pinetree Capital Ltd. (TSX: PNP), announces that on February 13, 2008, further to the conversion of certain subscription receipts, it acquired ownership of 950,000 common shares (“Common Shares”) of Colossus Minerals Inc. (“Colossus”) and 475,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $2.00 until February 13, 2011. In the event that the Warrants are fully exercised, these holdings represent approximately 3.5% of the total issued and outstanding common shares of Colossus as of February 13, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at February 13, 2008, an aggregate of 4,250,000 common shares of Colossus and rights to acquire an additional 2,625,000 common shares of Colossus upon the exercise of convertible securities (collectively, the “Convertible Securities”). Of these totals, Pinetree owns an aggregate of 2,850,000 common shares, including the Common Shares, and rights to acquire an additional 1,925,000 common shares of Colossus upon the exercise of convertible securities (collectively, the “Pinetree Convertible Securities”), including the Warrants, directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 6,875,000 common shares of Colossus, or approximately 16.3% of all issued and outstanding common shares as at February 13, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the Pinetree Convertible Securities are fully exercised, Pinetree’s direct holdings would represent approximately 11.5% of all issued and outstanding common shares of Colossus as of February 13, 2008, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Colossus 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.
Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
Web Site: www.pinetreecapital.com