Pinetree Capital Ltd. Acquires Common Shares Of Delta Exploration Inc.
June 5, 2007
TORONTO, Ontario (June 5, 2007) – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that, through a series of transactions ending on June 4, 2007, it acquired ownership of 1,150,000 common shares (“Common Shares”) of Delta Exploration Inc. (“Delta”) through the facilities of the TSX Venture Exchange representing approximately 4.5% of the total issued and outstanding common shares of Delta as of June 5, 2007. As a result of this transaction, Pinetree held, as at June 5, 2007, an aggregate of 2,450,000 common shares of Delta and rights to acquire an additional 1,300,000 common shares of Delta upon the exercise of convertible securities (collectively, the “Convertible Securities”). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 3,750,000 common shares of Delta, or approximately 13.8% of all issued and outstanding common shares as at June 5, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Delta 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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