Pinetree Capital Ltd. Acquires Securities Of Olivut Resources Ltd.
May 15, 2007
TORONTO, Ontario (May 15, 2007) – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that on May 14, 2007 it acquired ownership of 525,000 common shares (“Common Shares”) of Olivut Resources Ltd. (“Olivut”) and 262,500 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $2.00 until May 14, 2009. In the event that the Warrants are fully exercised, these holdings represent approximately 2.5% off the total issued and outstanding common shares of Olivut as of May 14, 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 2,914,500 common shares and the Warrants, which represents approximately 10.1% of the total issued and outstanding common shares of Olivut as of May 14, 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 Olivut 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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