Pinetree Capital Ltd. Acquires Securities of Gold Canyon Resources Inc.
TORONTO, Ontario (September 16, 2009) –
Ltd. (TSX: PNP), announces that through a series of transactions ending on September 15, 2009, Pinetree acquired ownership of 322,500 common shares (“Common Shares”) of Gold Canyon Resources Inc. (“Gold Canyon”) through the facilities of the TSX Venture Exchange representing approximately 0.6% of the total issued and outstanding common shares of Gold Canyon as of September 15, 2009. As a result of this transaction, Pinetree and its joint actor collectively held, as at September 15, 2009, an aggregate of 4,990,000 common shares of Gold Canyon, including the Common Shares and rights to acquire an additional 1,500,000 common shares of Gold Canyon upon the exercise of convertible securities (collectively, the “Convertible Securities”). Of these totals, Pinetree owns 4,550,000 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 actor represents a total of 6,490,000 common shares of
, or approximately 11.2% of all issued and outstanding common shares as at September 15, 2009, 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 represent a total of 6,050,000 common shares of
, or approximately 10.5% of all issued and outstanding common shares as at September 15, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree and its joint actor could increase or decrease their respective investments in
depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the
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, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. 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
Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
Web Site: www.pinetreecapital.com