Pinetree Capital Ltd. Acquires Securities Of Greenock Resources Inc.
October 19, 2010
TORONTO, Canada (October 19, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on October 18, 2010, it acquired ownership of 1,400,000 common shares (“Common Shares”) and 1,400,000 common share purchase warrants (the “Warrants”) of Greenock Resources Inc. (“Greenock”). Each Warrant entitles the holder to acquire one common share of Greenock at a price of $0.10 until October 18, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 11.2% of the total issued and outstanding common shares of Greenock as of October 18, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at October 18, 2010, an aggregate of 3,462,500 common shares of Greenock, including the Common Shares and rights to acquire an additional 2,183,333 common shares of Greenock upon exercise of certain convertible securities (the “Convertible Securities”), including the Warrants. Of these totals, Pinetree owns 3,188,000 common shares, including the Common Shares and all of the 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 5,645,833 common shares of Greenock, or approximately 21.9% of all issued and outstanding common shares as at October 18, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 5,371,333 common shares of Greenock, or approximately 20.8% of all issued and outstanding common shares as at October 18, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Greenock 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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