Pinetree Capital Ltd. Acquires Securities Of Sofame Technologies Inc.
November 1, 2010
TORONTO, Canada (November 1, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on October 28, 2010, through a conversion of its $500,000 Debenture, it acquired 10,000,000 common shares (“Common Shares”) and 10,000,000 common share purchase warrants (the “Warrants”) of Sofame Technologies Inc. (“Sofame”). Each Warrant entitles the holder to acquire one common share of Sofame at a price of $0.10 until October 25, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 13.2% of the total issued and outstanding common shares of Sofame as of October 28, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at October 28, 2010, an aggregate of 12,000,000 common shares of Sofame, including the Common Shares and rights to acquire an additional 15,999,996 common shares of Sofame upon exercise of certain convertible securities (the “Convertible Securities”), including the Warrants. Of these totals, Pinetree owns the Common Shares and 12,999,998 of the Convertible Securities, including the Warrants, (the “Pinetree Convertible Securities”) directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 27,999,996 common shares of Sofame, or approximately 17.8% of all issued and outstanding common shares as at October 28, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 22,999,998 common shares of Sofame, or approximately 14.9% of all issued and outstanding common shares as at October 28, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Sofame depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario 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 and Coal, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths. 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.
|©Copyright 2012 Pinetree Capital Ltd.|