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.
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are 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, Potash and Rare Earths, and Base Metals. Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.
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
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.