TORONTO, Ontario (September 16, 2009)
� Pinetree Capital Ltd. (TSX: PNP), announces that
through a series of transactions ending on September 15, 2009, Pinetree
acquired ownership of 322,500 common shares (�Common Shares�) of Gold Canyon
Resources Inc. (�Gold Canyon�) through the facilities of the TSX Venture Exchange
representing approximately 0.6% of the total issued and outstanding common
shares of Gold Canyon as of September 15, 2009. As a result of this
transaction, Pinetree and its joint actor collectively held, as at September
15, 2009, an aggregate of 4,990,000 common shares of Gold Canyon, including
the Common Shares and rights to acquire an additional 1,500,000 common shares
of Gold Canyon upon the exercise of convertible securities (collectively, the
�Convertible Securities�). Of these totals, Pinetree owns 4,550,000 common
shares, including the Common Shares and all of the Convertible Securities,
directly. In the event that the Convertible Securities are fully exercised,
the holdings of Pinetree and its joint actor represents a total of 6,490,000
common shares of Gold Canyon
, or approximately 11.2% of all issued and
outstanding common shares as at September 15, 2009, calculated on a partially
diluted basis assuming the exercise of the Convertible Securities only.
In the event that the Convertible Securities are fully exercised, the
direct holdings of Pinetree represent a total of 6,050,000 common shares of Gold
Canyon , or approximately
10.5% of all issued and outstanding common shares as at September 15, 2009,
calculated on a partially diluted basis assuming the exercise of the
Convertible Securities only.
These
transactions were made for investment purposes and Pinetree and its joint
actor could increase or decrease their respective investments in Gold
Canyon 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, Molybdenum, Precious Metals,
Potash and Rare Earths, and Base Metals. 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
Investor
Relations:
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
Phone: 416-941-9600
Email: ir@pinetreecapital.com
Web Site: www.pinetreecapital.com