Pinetree Capital Ltd. Acquires Common Shares Of
ISX Resources Inc.
March 19, 2007
TORONTO, Ontario –
Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that today it acquired ownership of 1,250,000 common shares (“Common Shares”) of ISX Resources Inc. (“ISX”), and 1,250,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder thereof to acquire one additional common share until March 16, 2008 at a price of $0.60. In the event that the Warrants are fully exercised, these holdings represent approximately % of the total issued and outstanding common shares of ISX as of March 16, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors held, as at March 16, 2007, an aggregate of XX,XXX,000 common shares of ISX and rights to acquire an aggregate of XX,XXX,000 common shares of ISX upon exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”). Of these totals, Pinetree holds only the 1,250,000 common shares and the 1,250,000 Warrants directly. If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of XX,XXX,000 common shares of ISX, or approximately % of such shares outstanding as of March 16, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in ISX depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP” and is included in the Standard & Poor's/Toronto Stock Exchange composite index. Pinetree develops and manages a portfolio of equity securities of private and public issuers engaged in growth businesses in the following three sectors: (i) Uranium, Mining and Oil & Gas; (ii) Biotechnology; and (iii) Technology and Other. Pinetree’s investment focus among these three sectors changes over time, depending on changing investment opportunities. As well, Pinetree takes advantage of special situations and merchant banking opportunities.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.
Investor Relations Contact for Pinetree Capital Ltd.:
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Canada, M5X 1A9
Email: email@example.com Web Site: www.pinetreecapital.com