Pinetree Capital Ltd. Acquires Securities Of Weststar Resources Corp.
November 3, 2010
TORONTO, Canada Pinetree Capital Ltd. (TSX: PNP), announces that on October 29, 2010, it acquired ownership of 600,000 common shares (“Common Shares”) and 600,000 common share purchase warrants (the “Warrants”) of Weststar Resources Corp. (“Weststar”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.23 until October 27, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 10.8% of the total issued and outstanding common shares of Weststar as of October 29, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at October 29, 2010, an aggregate of 933,333 common shares of Weststar, including the Common Shares, and rights to acquire an additional 733,333 common shares of Weststar upon exercise of certain convertible securities, including the Warrants (the “Convertible Securities”). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 1,666,666 common shares of Weststar, or approximately 14.8% of all issued and outstanding common shares as at October 29, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Weststar 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 and Coal, 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
|Sheldon Inwentash||Richard Patricio|
|Chairman & CEO||Vice President, Legal and Corporate Affairs|
|Pinetree Capital Ltd.||Pinetree Capital Ltd.|
|130 King Street West, Suite 2500||130 King Street West, Suite 2500|
|Toronto, Ontario, Canada, M5X 1A9||Toronto, Ontario, Canada, M5X 1A9|
|Website: www.pinetreecapital.com||Phone: 416-941-9600|