TORONTO,
ONTARIO--(Marketwire - Feb. 3, 2010) - Pinetree Capital Ltd. (TSX:PNP), announces
that on February 2, 2010, it
acquired ownership of 500,000 common shares ("Common Shares") and 500,000 common
share purchase warrants (the "Warrants") of Probe Mines Ltd.
("Probe"). Each Warrant entitles the holder
thereof to acquire one additional common share at a price of $0.75 until
February 2, 2012. In the event that the Warrants are fully exercised,
these holdings represent approximately 2.9% of the total issued and outstanding
common shares of Probe as of February 2, 2010, calculated on a partially
diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at February
2, 2010,
an aggregate of 5,000,000 common shares of Probe,
including the Common Shares, and the Warrants. In the event that the
Warrants are fully exercised, the holdings of Pinetree represents a total of
5,500,000 common shares of Probe, or approximately 15.9% of all issued and
outstanding common shares as at February 2, 2010, calculated on a partially
diluted basis assuming the exercise of the Warrants only.
These
transactions were made for investment purposes and Pinetree could increase or
decrease its investment in Probe depending on market conditions or any other
relevant factor.
About Pinetree
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 merchant banking firm focused on the small cap market. Pinetree's
investments are primarily in the resources sector: Uranium, 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.
For more details about Pinetree and
its investments, please visit our website at www.pinetreecapital.com