Pinetree Capital Ltd. Acquires Common Shares Of Virgin Metals Inc.
June 22, 2007
TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that, through a series of transactions ending on June 21, 2007, it acquired ownership of 1,580,000 common shares (“Common Shares”) of Virgin Metals Inc. (“Virgin”) through the facilities of the Toronto Stock Exchange representing approximately 2.1% of the total issued and outstanding common shares of Virgin as of June 21, 2007. As a result of this transaction, Pinetree and its joint actors collectively held, as at June 21, 2007, an aggregate of 9,000,500 common shares of Virgin and rights to acquire an additional 4,150,000 common shares of Virgin upon the exercise of convertible securities (collectively, the “Convertible Securities”). Of these totals, Pinetree owns an aggregate of 9,000,500 common shares and convertible securities exercisable into an additional 1,750,000 common shares of Virgin. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 13,150,500 common shares of Virgin, or approximately 16.3% of all issued and outstanding common shares as at June 21, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the 1,750,000 convertible securities held directly by Pinetree are fully exercised, Pinetree’s direct holdings would represent approximately 13.7% of all issued and outstanding common shares of Virgin as of June 21, 2007, calculated on a partially diluted basis assuming the exercise of the 1,750,000 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 Virgin 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.
|©Copyright 2012 Pinetree Capital Ltd.|