Pinetree Capital Ltd. Acquires Securities Of Probe Mines Ltd.
February 3, 2010
TORONTO, Canada (February 3, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on February 2, 2010, it acquired ownership of 500,000 common shares (“Common Shares”) and 500,000 common share purchase warrants (the “Warrants”) of Probe Mines Ltd. (“Probe”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.75 until February 2, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 2.9% of the total issued and outstanding common shares of Probe as of February 2, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at February 2, 2010, an aggregate of 5,000,000 common shares of Probe, including the Common Shares, and the Warrants. In the event that the Warrants are fully exercised, the holdings of Pinetree represents a total of 5,500,000 common shares of Probe, or approximately 15.9% of all issued and outstanding common shares as at February 2, 2010, 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 investment in Probe 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, Precious Metals, Base Metals and Potash, Lithium and Rare Earths. 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