Pinetree Capital Ltd. Acquires Securities Of Strategic Resources Inc.
November 22, 2010
TORONTO, Canada (November 22, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on November 19, 2010, it acquired ownership of 3,000,000 common shares (“Common Shares”) and 3,000,000 common share purchase warrants (the “Warrants”) of Strategic Resources Inc. (“Strategic”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.11 until November 18, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 8.7% of the total issued and outstanding common shares of Strategic as of November 19, 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 November 19, 2010, an aggregate of 12,000,000 common shares of Strategic, including the Common Shares, and rights to acquire an additional 5,500,000 common shares upon exercise of certain convertible securities (the “Convertible Securities”), including the Warrants. Of these totals, Pinetree owns 11,000,000 common shares, including the Common Shares, and the 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 17,500,000 common shares of Strategic, or approximately 24.6% of all issued and outstanding common shares as at November 19, 2010, 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 represents a total of 16,500,000 common shares of Strategic, or approximately 23.1% of all issued and outstanding common shares as at November 19, 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 Strategic 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.
|Sheldon Inwentash||Richard Patricio|
|Chairman & CEO||Vice President, Legal and Corporate Affairs|
|Pinetree Capital Ltd.||Pinetree Capital Ltd.|
|130 King Street West, Suite 2500||130 King Street West, Suite 2500|
|Toronto, Ontario, Canada, M5X 1A9||Toronto, Ontario, Canada, M5X 1A9|
|Website: www.pinetreecapital.com||Phone: 416-941-9600|