Pinetree Capital Ltd. Acquires Securities Of Bolero Resources Corp.
TORONTO, Canada (November 6, 2009) Pinetree Capital Ltd. (TSX: PNP), announces that on October 29, 2009, it acquired ownership of 1,000,000 common shares (�Common Shares�) and 1,000,000 common share purchase warrants (the �Warrants�) of Bolero Resources Corp. (�Bolero�). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.30 until October 28, 2011. In the event that the Warrants are fully exercised, these holdings represent approximately 12.1% of the total issued and outstanding common shares of Bolero as of October 29, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at October 29, 2009, an aggregate of 1,765,500 common shares of Bolero, including the Common Shares and rights to acquire an additional 1,050,000 common shares of Bolero upon exercise of certain convertible securities (the �Convertible Securities�), including the Warrants. Of these totals, Pinetree owns 1,665,500 common shares directly, including the Common Shares and the Warrants directly, In the event that the Warrants are fully exercised, the direct holdings of Pinetree represents a total of 2,665,500 common shares of Bolero, or approximately 16.2% of all issued and outstanding common shares as at October 29, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 2,815,500 common shares of Bolero, or approximately 17.0% of all issued and outstanding common shares as at October 29, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Bolero 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 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
Larry Goldberg , C.A.
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
Web Site: www.pinetreecapital.com