Pinetree Capital Ltd. Acquires Securities Of Portal Resources Ltd.
May 25, 2011
TORONTO, Canada (May 25, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that on May 24, 2011, it acquired ownership of 2,000,000 common shares (“Common Shares”) and 1,000,000 common share purchase warrants (the “Warrants”) of Portal Resources Ltd. (“Portal”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.25 until May 20, 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 Portal as of May 24, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at May 24, 2011, an aggregate of 6,000,500 common shares of Portal, including the Common Shares, and the Warrants. In the event that the Warrants are fully exercised, the holdings of Pinetree represents a total of 7,000,500 common shares of Portal, or approximately 15.4% of all issued and outstanding common shares as at May 24, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only.
This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Portal 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: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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. Pinetree 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|