Pinetree Capital Ltd. Acquires Securities Of Canaco Resources Inc.
May 5, 2009
TORONTO, Canada Pinetree Capital Ltd. (TSX: PNP), announces that on April 10, 2009, it acquired ownership of 2,500,000 common shares (“Common Shares”) of Canaco Resources Inc. (“Canaco”) and 1,250,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder to purchase one additional common share for a period of two years, at a price of $0.07 per share until April 10, 2010, and thereafter at a price of $0.10 until April 10, 2011. In the event that the Warrants are fully exercised, these holdings represent approximately 7.3% of the total issued and outstanding common shares of Canaco as of April 10, 2009. As a result of this transaction, Pinetree held, as at April 10, 2009, an aggregate of 5,000,000 common shares of Canaco and rights to acquire an additional 2,000,000 common shares of Canaco upon the exercise of convertible securities (collectively, the “Convertible Securities”), including the Warrants. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 7,000,000 common shares of Canaco, or approximately 13.5% of all issued and outstanding common shares as at April 10, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investments in Canaco depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
Toronto, Ontario, Canada, M5X 1A9
Web Site: www.pinetreecapital.com