Pinetree Capital Ltd. Acquires Securities Of Parallel Resources Ltd.
March 18, 2010
TORONTO, Canada Pinetree Capital Ltd. (TSX: PNP), announces that on March 17, 2010, it acquired ownership of 600,000 common shares (“Common Shares”) and 300,000 common share purchase warrants (the “Warrants”) of Parallel Resources Ltd. (“Parallel”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.40 until September 17, 2011. In the event that the Warrants are fully exercised, these holdings represent approximately 7.0% of the total issued and outstanding common shares of Parallel as of March 17, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at March 17, 2010, an aggregate of 1,200,000 common shares of Parallel, including the Common Shares, and the Warrants. Of these totals, Pinetree owns 1,100,000 common shares, including the Common Shares, and the Warrants, directly. In the event that the Warrants are fully exercised, the holdings of Pinetree and its joint actors represents a total of 1,500,000 common shares of Parallel, or approximately 11.7% of all issued and outstanding common shares as at March 17, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. In the event that the Warrants are fully exercised, the direct holdings of Pinetree represents a total of 1,400,000 common shares of Parallel, or approximately 10.9% of all issued and outstanding common shares as at March 17, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Parallel 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