Pinetree Capital Ltd. Acquires Securities Of Cline Mining Corp.
February 16, 2010
TORONTO, Canada (February 16, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on February 11, 2010, it acquired ownership of 3,000,000 common shares (“Common Shares”) and 1,500,000 common share purchase warrants (the “Warrants”) of Cline Mining Corp. (“Cline”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.40 until February 11, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 4.5% of the total issued and outstanding common shares of Cline as of February 11, 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 11, 2010, an aggregate of 16,500,000 common shares of Cline, including the Common Shares, and the Warrants. In the event that the Warrants are fully exercised, the holdings of Pinetree represents a total of 18,000,000 common shares of Cline, or approximately 18.0% of all issued and outstanding common shares as at February 11, 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 Cline 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