The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Pinetree Capital Ltd. Acquires Securities of Virginia Energy Resources Inc.

Wednesday, November 16, 2011

Pinetree Capital Ltd. Acquires Securities of Virginia Energy Resources Inc.12:02 EST Wednesday, November 16, 2011TORONTO, CANADA--(Marketwire - Nov. 16, 2011) - Pinetree Capital Ltd. (TSX:PNP), announces on November 15, 2011, it acquired ownership of 250,000 common shares ("Common Shares") of Virginia Energy Resources Inc. ("Virginia Energy") through the facilities of the TSX Venture Exchange, representing approximately 0.3% of the total issued and outstanding common shares of Virginia Energy as of November 15, 2011. As a result of this transaction, Pinetree held, as at November 15, 2011, an aggregate of 11,000,000 common shares of Virginia Energy, including the Common Shares, and rights to acquire an additional 850,000 common shares of Virginia Energy upon exercise of certain convertible securities (the "Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 11,850,000 common shares of Virginia Energy, or approximately 12.05% of all issued and outstanding common shares as at November 15, 2011, 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 Virginia Energy depending on market conditions or any other relevant factor.About PinetreePinetree 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, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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. Pinetree is recognized as a value-added partner in the resource industry. FOR FURTHER INFORMATION PLEASE CONTACT: Sheldon InwentashPinetree Capital Ltd.Chairman & CEO416-941-9600ORRichard PatricioInvestor Relations: Pinetree Capital Ltd.Vice President, Legal and Corporate Affairs416-941-9600ir@pinetreecapital.comwww.pinetreecapital.com