Pinetree Capital Ltd. Acquires Securities Of Freewest Resources Canada Inc.
November 26, 2009
TORONTO, Ontario (November 26, 2009) – Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on November 25, 2009, it acquired ownership of 500,000 common shares (“Common Shares”) of Freewest Resources Canada Inc. (“Freewest”) through the facilities of the TSX Venture Exchange, representing approximately 0.2% of the total issued and outstanding common shares of Freewest as at November 25, 2009. As a result of this transaction, Pinetree and its joint actors held, as at November 25, 2009, an aggregate of 19,606,605 common shares of Freewest and rights to acquire an additional 2,250,000 common shares of Freewest upon the exercise of convertible securities (the “Convertible Securities”), representing a total of 21,856,605 common shares of Freewest, or approximately 10.1% of such shares outstanding as of November 25, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities. As a result of this transaction, Pinetree held, as at November 25, 2009, an aggregate of 10,500,000 common shares of Freewest, including the Common Shares, and 1,500,000 of the Convertible Securities (the “Pinetree Convertible Securities”) directly, representing a total of 12,000,000 common shares of Freewest, or approximately 5.5% of such shares outstanding as of November 25, 2009, 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 Freewest 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, Precious Metals, Base Metals and Potash, Lithium and Rare Earths. 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