Press release from Marketwire
Pinetree Capital Ltd. Acquires Securities of Simba Energy Inc.
Tuesday, May 03, 2011
Pinetree Capital Ltd. Acquires Securities of Simba Energy Inc.14:18 EDT Tuesday, May 03, 2011TORONTO, CANADA--(Marketwire - May 3, 2011) -Pinetree Capital Ltd. (TSX:PNP), announces that through a series of transactions ending on May 2, 2011, it acquired ownership of 500,000 common shares ("Common Shares") of Simba Energy Inc. ("Simba") representing approximately 0.4% of the total issued and outstanding common shares of Simba as of May 2, 2011. As a result of this transaction, Pinetree and its joint actor collectively held, as at May 2, 2011, an aggregate of 11,800,000 common shares of Simba, including the Common Shares and rights to acquire an additional 5,000,000 common shares of Simba upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 11,000,000 common shares, including the Common Shares and the Convertible Securities directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 16,800,000 common shares of Simba, or approximately 11.6% of all issued and outstanding common shares as at May 2, 2011, 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 represents a total of 16,000,000 common shares of Simba, or approximately 11.1% of all issued and outstanding common shares as at May 2, 2011, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.This transaction was made for investment purposes and Pinetree, or its joint actor, could increase or decrease its/their investment in Simba 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 venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Uranium and Coal, Base Metals, Oil and Gas, 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 and is recognized as a value added partner in the resource industry. For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.comFOR FURTHER INFORMATION PLEASE CONTACT: Sheldon InwentashPinetree Capital Ltd.Chairman & CEO416-941-9600ORRichard PatricioInvestor Relations: Pinetree Capital Ltd.Vice President, Legal and Corporate Affairs416email@example.com