Pinetree Capital Ltd. Acquires Securities Of Torch River Resources Ltd.
April 5, 2010
TORONTO, Canada (April 5, 2010) – Pinetree Capital Ltd. (TSX: PNP), announces that on April 1, 2010, it acquired ownership of 2,000,000 common shares (“Common Shares”) of Torch River Resources Ltd. (“Torch”) and 2,000,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder thereof to acquire one additional common share until March 31, 2015, at a price of $0.10. In the event that the Warrants are fully exercised, these holdings represent approximately 7.1% of the total issued and outstanding common shares of Torch as of April 1, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at April 1, 2010, an aggregate of 8,000,000 common shares of Torch and the Warrants. If Pinetree were to exercise all of the Warrants, its ownership would represent a total of 10,000,000 common shares of Torch, or approximately 17.8% of such shares outstanding as of April 1, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investment in torch 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