Pinetree Capital Ltd. Acquires Securities Of VIQ Solutions Inc.
April 15, 2008
TORONTO, Canada (April 15, 2008) Pinetree Capital Ltd. (TSX: PNP), announces that on April 14, 2008, it acquired ownership of 1,700,000 common shares (“Common Shares”) of VIQ Solutions Inc. (“VIQ”) and 850,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder to purchase one additional common share at a price of $0.45 per share until April 14, 2010. In the event that the Warrants are fully exercised, these holdings represent approximately 3.2% of the total issued and outstanding common shares of VIQ as of April 14, 2008. As a result of this transaction, Pinetree held, as at April 14, 2008, an aggregate of 8,111,500 common shares of VIQ and the Warrants. In the event that the Warrants are fully exercised, the holdings of Pinetree represent a total of 8,961,500 common shares of VIQ, or approximately 11.1% of all issued and outstanding common shares as at April 14, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investments in VIQ 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