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TORONTO, Canada
(November 17, 2010) Pinetree Capital Ltd. (TSX:
PNP), announces
that on November 16, 2010, it acquired ownership of 2,000,000 common shares
(“Common Shares”) and 2,000,000 common share purchase warrants
(the “Warrants”) of La Quinta Resources
Corporation (“La Quinta”). Each Warrant entitles the holder
thereof to acquire one additional common share at a price of $0.10 until May
9, 2011 and at a price of $0.15 until November 9, 2011. In the event
that the Warrants are fully exercised, these holdings represent approximately
5.8% of the total issued and outstanding common shares of La Quinta as of
November 16, 2010, calculated on a partially diluted basis assuming the
exercise of the Warrants only. As a result of this transaction, Pinetree held, as at November 16, 2010, an aggregate of
7,999,500 common shares of La Quinta, including the Common Shares, and rights
to acquire an additional 2,000,000 common shares of La Quinta 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 9,999,500 common shares of
La Quinta, or approximately 14.4% of all issued and outstanding common shares
as at November 16, 2010, 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 La Quinta 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 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.
For more details about Pinetree and its investments, please visit our website at
www.pinetreecapital.com.
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