Pinetree Capital Ltd. Acquires Securities of Metals Creek Resources Corp.
May 29, 2009
TORONTO, Ontario (May 29, 2009) –
Ltd. (TSX: PNP), announces that on May 20, 2009 it acquired ownership of 1,500,000 common shares (“Common Shares”) and 1,500,000 common share purchase warrants (the “Warrants”) of Metals Creek Resources Corp. (“Metals Creek”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.15 until October 15, 2010. In the event that the Warrants are fully exercised, these holdings represent approximately 8.1% of the total issued and outstanding common shares of Metals Creek as of May 20, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and his joint actors collectively held, as at May 20, 2009, an aggregate of 3,660,000 common shares of Metals Creek, including the Common Shares and rights to acquire an additional 3,205,000 common shares of Metals Creek upon the exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”). Of these totals, Pinetree owns only the Common Shares and the Warrants directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 6,865,000 common shares of Metals Creek, or approximately 17.7% of all issued and outstanding common shares as at May 20, 2009, 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 investments in Metals Creek 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, 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