Pinetree Capital Ltd. Acquires Securities Of Kirrin Resources Inc.
March 19, 2010
TORONTO, Canada (March 19, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on March 16, 2010, it acquired ownership of 1,500,000 common shares (“Common Shares”) and 1,500,000 common share purchase warrants (the “Warrants”) of Kirrin Resources Inc. (“Kirrin”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.14 until September 12, 2011. In the event that the Warrants are fully exercised, these holdings represent approximately 12.6% of the total issued and outstanding common shares of Kirrin as of March 16, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at March 16, 2010, an aggregate of 2,734,166 common shares of Kirrin and rights to acquire an additional 1,750,000 common shares of Kirrin upon the exercise of convertible securities (the “Convertible Securities”), including the Warrants, representing a total of 4,484,166 common shares of Kirrin, or approximately 18.6% of such shares outstanding as of March 16, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities.
These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Kirrin 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