Pinetree Capital Ltd. Acquires Securities Of Avion Resources Corp.
May 8, 2009
TORONTO, Canada Pinetree Capital Ltd. (TSX: PNP), announces that following the acquisition by Avion Resources Corp. (“Avion”) of Dynamite Resources Ltd., it holds an aggregate of 12,440,000 common shares of Avion (the “Common Shares”) and rights to acquire an aggregate of 4,125,000 common shares of Avion upon exercise of convertible securities (the “Pinetree Convertible Securities”). In the event that the Pinetree Convertible Securities are fully exercised, these holdings represent 16,565,000 common shares of Avion, or approximately 8.2% of the total issued and outstanding common shares of Avion as of May 8, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.
As a result of this transaction, Pinetree and its joint actors held, as at May 8, 2009, an aggregate of 16,110,000 common shares of Avion, including the Common Shares, and rights to acquire an aggregate of 5,437,500 common shares of Avion upon exercise of convertible securities (the “Convertible Securities”), including the Pinetree Convertible Securities. If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 21,547,500 common shares of Avion, or approximately 10.6% of such shares outstanding as of May 8, 2009, 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 Avion depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
Toronto, Ontario, Canada, M5X 1A9
Web Site: www.pinetreecapital.com