TSX: PNP     Last: 3.67     Change: -0.14
TSX: PNP     Last: 3.67     Change: -0.14

Pinetree Capital Ltd. Acquires Securities Of Excalibur Resources Ltd.

September 29, 2010

TORONTO, Canada (September 29, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that through a series of transactions ending on September 27, 2010, it acquired ownership of 500,000 common shares (“Common Shares”) of Excalibur Resources Ltd. (“Excalibur”) through the facilities of the TSX Venture Exchange, representing approximately 1.8% of the total issued and outstanding common shares of Excalibur as of September 27, 2010.  As a result of this transaction, Pinetree held, as at September 27, 2010, an aggregate of 2,000,000 common shares of Excalibur, including the Common Shares and rights to acquire an additional 1,500,000 common shares of Excalibur upon exercise of certain convertible securities (the “Convertible Securities”).  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 3,500,000 common shares of Excalibur, or approximately 12.2% of all issued and outstanding common shares as at September 27, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Excalibur depending on market conditions or any other relevant factor.

About Pinetree

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 and Coal, 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.  

Investor Relations:
Richard Patricio
Vice President, Legal and Corporate Affairs
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
Phone: 416-941-9600
Email: ir@pinetreecapital.com
Web Site: www.pinetreecapital.com

Subscribe for the latest news and updates