Pinetree Capital Ltd. Acquires Securities Of African Queen Mines Ltd.
August 9, 2011
TORONTO, Canada (August 9, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that on August 8, 2011, it acquired ownership of 2,000,000 common shares (“Common Shares”) and 1,000,000 common share purchase warrants (the “Warrants”) of African Queen Mines Ltd. (“African Queen”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.40 until August 8, 2013. In the event that the Warrants are fully exercised, these holdings represent approximately 5.1% of the total issued and outstanding common shares of African Queen as of August 8, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at August 8, 2011, an aggregate of 5,000,000 common shares of African Queen, including the Common Shares, and rights to acquire an additional 1,500,000 common shares of African Queen 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 6,500,000 common shares of African Queen, or approximately 10.9% of all issued and outstanding common shares as at August 8, 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 African Queen 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: http://pinetreecapital.com/||Phone: 416-941-9600|