Pinetree Capital Ltd. Acquires Common Shares Of Landdrill International Inc.
January 3, 2008
TORONTO, Canada (January 3, 2008) Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on January 2, 2008, it acquired ownership of 760,000 common shares (“Common Shares”) of Landdrill International Inc. (“Landdrill”) through the facilities of the TSX Venture Exchange representing approximately 2.0% of the total issued and outstanding common shares of Landdrill as of January 2, 2008. As a result of this transaction, Pinetree and its joint actors collectively held, as at January 2, 2008, an aggregate of 5,699,000 common shares of Landdrill and rights to acquire an additional 900,000 common shares of Landdrill upon the exercise of convertible securities (collectively, the “Convertible Securities”). Of these totals, Pinetree owns an aggregate of 4,807,000 common shares, including the Common Shares, and the Convertible Securities. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 6,599,000 common shares of Landdrill, or approximately 17.2% of all issued and outstanding common shares as at January 2, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the Convertible Securities are fully exercised, Pinetree’s direct holdings would represent approximately 14.9% of all issued and outstanding common shares of Landdrill as of January 2, 2008, 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 Landdrill 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”. 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 and Base Metals. Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com