Pinetree Capital Ltd. Acquires Securities Of
Northern Abitibi Mining Corp.
May 3, 2007
TORONTO, Ontario (May 3, 2007) –
Pinetree Capital Ltd. (TSX: PNP), announces that on May 2, 2007 it acquired ownership of 4,166,666 common shares (“Common Shares”) of Northern Abitibi Mining Corp. (“Northern”) and 2,083,333 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder thereof to acquire one additional common share until May 2, 2009 at a price of $0.16. In the event that the Warrants are fully exercised, these holdings represent approximately 12.7% of the total issued and outstanding common shares of Northern as of May 2, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree holds an aggregate of 6,166,666 common shares and the Warrants, which represents approximately 16.7% of the total issued and outstanding common shares of Northern as of May 2, 2007, 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 Northern depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the
Ontario and is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP” and is included in the Standard & Poor's/Toronto Stock Exchange composite index. 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 and Base Metals. Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. 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.
Investor Relations Contact for Pinetree Capital Ltd.:
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
Email: firstname.lastname@example.org Web Site: www.pinetreecapital.com