Pinetree Capital Ltd. Acquires Securities Of African Gold Group Inc.
January 30, 2009
TORONTO, Canada - Pinetree Capital Ltd. (TSX: PNP), announces that on January 23, 2009, it acquired ownership of 3,000,000 common shares (“Common Shares”) of African Gold Group Inc. (“African Gold”) and 3,000,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder to purchase one additional common share for a period of two years, at a price of $0.10 per share until July 23, 2009, and thereafter at a price of $0.15 until January 23, 2011. In the event that the Warrants are fully exercised, these holdings represent approximately 9.6% of the total issued and outstanding common shares of African Gold as of January 23, 2009. As a result of this transaction, Pinetree held, as at January 23, 2009, an aggregate of 4,244,395 common shares of African Gold and rights to acquire an additional 3,919,047 common shares of African Gold upon the exercise of convertible securities (collectively, the “Convertible Securities”), including the Warrants. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 8,163,442 common shares of African Gold, or approximately 12.9% of all issued and outstanding common shares as at January 23, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investments in African Gold depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
Toronto, Ontario, Canada, M5X 1A9
Web Site: www.pinetreecapital.com