Pinetree Capital Ltd. Acquires Securities Of Tournigan Energy Ltd.
September 17, 2010
TORONTO, Canada (September 17, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that through a series of transactions ending on September 15, 2010, it acquired ownership of 904,500 common shares (“Common Shares”) of Tournigan Energy Ltd. (“Tournigan”) representing approximately 0.6% of the total issued and outstanding common shares of Tournigan as of September 15, 2010. As a result of this transaction, Pinetree and its joint actors collectively held, as at September 15, 2010, an aggregate of 14,700,000 common shares of Tournigan, including the Common Shares and rights to acquire an additional 1,250,000 common shares of Tournigan upon exercise of certain convertible securities (the “Convertible Securities”). Of these totals, Pinetree owns 13,000,000 common shares, including the Common Shares and 500,000 of the Convertible Securities (the “Pinetree Convertible Securities”) directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 15,950,000 common shares of Tournigan, or approximately 10.4% of all issued and outstanding common shares as at September 15, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 13,500,000 common shares of Tournigan, or approximately 8.8% of all issued and outstanding common shares as at September 15, 2010, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.
This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Tournigan 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.
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