Pinetree Capital Ltd. Acquires Securities Of Landdrill International Inc.
April 17, 2009
TORONTO, Canada Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on April 9, 2009, it acquired ownership of 250,000 common shares (“Common Shares”) of Landdrill International Inc. (“Landdrill”) through the facilities of the TSX Venture Exchange representing approximately 0.5% of the total issued and outstanding common shares of Landdrill as of April 9, 2009. As a result of this transaction, Pinetree and its joint actors collectively held, as at April 9, 2009, an aggregate of 8,269,000 common shares of Landdrill and rights to acquire an additional 2,089,407 common shares of Landdrill upon the exercise of convertible securities (collectively, the “Convertible Securities”). Of these totals, Pinetree owns an aggregate of 6,975,500 common shares, including the Common Shares, and 250,000 of the Convertible Securities (the “Pinetree Convertible Securities”). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 10,358,407 common shares of Landdrill, or approximately 20.3% of all issued and outstanding common shares as at April 9, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the Pinetree Convertible Securities are fully exercised, Pinetree’s direct holdings would represent a total of 7,225,500 approximately 14.7% of all issued and outstanding common shares of Landdrill as of April 9, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investments in Landdrill 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