Pinetree Capital Ltd. Acquires Securities Of Valgold Resources Ltd.
November 29, 2010
TORONTO, Canada (November 29, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on November 26, 2010, it acquired ownership of 1,000,000 common shares (“Common Shares”) and 1,000,000 common share purchase warrants (the “Warrants”) of ValGold Resources Ltd. (“ValGold”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.50 until November 23, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 6.6% of the total issued and outstanding common shares of ValGold as of November 26, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at November 26, 2010, an aggregate of 4,000,000 common shares of ValGold, including the Common Shares, and rights to acquire an additional 2,000,000 common shares of ValGold upon exercise of certain convertible securities, including the Warrants (the “Convertible Securities”). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 6,000,000 common shares of ValGold, or approximately 19.1% of all issued and outstanding common shares as at November 26, 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 ValGold depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com