Pinetree Capital Announces TSX Acceptance Of Normal Course Issuer Bid
August 30, 2011
TORONTO, Canada (August 30, 2011) Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that the Toronto Stock Exchange (the “TSX”) has accepted notice of its intention to renew its normal course issuer bid (the “Bid”) to purchase up to 5,000,000 of its common shares (representing approximately 3.7% of the 136,547,273 common shares outstanding as at August 23, 2011), through the facilities of the TSX and on other published markets.
The Bid will commence on September 1, 2011 and end on August 31, 2012. Pinetree can purchase up to a maximum of 139,479 common shares per day under the Bid (subject to the company’s ability to rely upon the “block purchase exception” under the TSX rules). All purchases will be made at market prices and otherwise in accordance with the rules of the TSX, and all common shares purchased under the Bid will be cancelled.
Pinetree believes that recent trading prices of its shares are not, and prices from time to time throughout the duration of the Bid may not be, fully reflective of the company’s underlying value. Depending upon future price movements and other factors, the purchase of its shares under the Bid may represent an attractive investment for the company and a desirable use of funds to contribute to enhancing shareholder value.
Pinetree has not purchased any of its common shares during the previous twelve months.
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 http://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|