Pinetree Capital Ltd. Acquires Securities Of ICN Resources Ltd.
April 7, 2011
TORONTO, Canada (April 7, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that on April 6, 2011, it acquired ownership of 500,000 common shares (“Common Shares”) of ICN Resources Ltd. (“ICN”) through the facilities of the TSX Venture Exchange, representing approximately 1.1% of the total issued and outstanding common shares of ICN as of April 6, 2011. As a result of this transaction, Pinetree held, as at April 6, 2011, an aggregate of 4,250,000 common shares of ICN, including the Common Shares, and rights to acquire an additional 750,000 common shares of ICN upon exercise of certain convertible securities (the “Convertible Securities”). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 5,000,000 common shares of ICN, or approximately 10.6% of all issued and outstanding common shares as at April 6, 2011, 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 ICN 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 venture capital 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 and is recognized as a value added partner in the resource industry.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.
|Sheldon Inwentash||Richard Patricio|
|Chairman & CEO||Vice President, Legal and Corporate Affairs|
|Pinetree Capital Ltd.||Pinetree Capital Ltd.|
|130 King Street West, Suite 2500||130 King Street West, Suite 250|
|Toronto, Ontario, Canada, M5X 1A9||Toronto, Ontario, Canada, M5X 1A9|
|Website: www.pinetreecapital.com||Phone: 416-941-9600|