Pinetree Capital Ltd. Acquires Securities Of Landdrill International Inc.
May 14, 2007
TORONTO, Ontario (May 14, 2007) – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that, though a series of transactions ending on May 11, 2007, it acquired ownership of 600,000 common shares (“Common Shares”) of Landdrill International Inc. (“Landdrill”) through the facilities of the TSX Venture Exchange representing approximately 1.6% of the total issued and outstanding common shares of Landdrill as of May 11, 2007. As a result of these transaction, Pinetree holds an aggregate of 3,500,000 common shares of Landdrill and rights to acquire an additional 900,000 common shares of Landdrill upon the exercise of convertible securities (collectively, the “Convertible Securities”). In the event that the Convertible Securities are fully exercised, Pinetree’s direct holdings would represent approximately 11.5% of all issued and outstanding common shares of Landdrill as of May 11, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Landdrill depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the
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.
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