Press release from Marketwire
Pinetree Capital Ltd. Acquires Securities of Parallel Mining Corp.
Tuesday, February 28, 2012
Pinetree Capital Ltd. Acquires Securities of Parallel Mining Corp.16:08 EST Tuesday, February 28, 2012TORONTO, CANADA--(Marketwire - Feb. 28, 2012) -Pinetree Capital Ltd. (TSX:PNP), announces that on February 28, 2012, it acquired ownership of 800,000 common shares ("Common Shares") and 800,000 common share purchase warrants (the "Warrants") of Parallel Mining Corp. ("Parallel"). Each Warrant entitles the holder to acquire one common share of Parallel at a price of $0.25 until February 24, 2014. In the event that the Warrants are fully exercised, these holdings represent approximately 17.8% of the total issued and outstanding common shares of Parallel as of February 28, 2012, 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 February 28, 2012, an aggregate of 1,066,222 common shares of Parallel, including the Common Shares, and the Warrants. Of these totals, Pinetree owns 1,044,000 common shares, including the Common Shares, and the Warrants directly. In the event that the Warrants are fully exercised, the holdings of Pinetree and its joint actors represents a total of 1,866,222 common shares of Parallel, or approximately 20.8% of all issued and outstanding common shares as at February 28, 2012, calculated on a partially diluted basis assuming the exercise of the Warrants only. In the event that the Warrants are fully exercised, the direct holdings of Pinetree represents a total of 1,844,000 common shares of Parallel, or approximately 20.5% of all issued and outstanding common shares as at February 28, 2012, calculated on a partially diluted basis assuming the exercise of the Warrants only.These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Parallel 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, 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 & CEO416-941-9600ORGerry FeldmanPinetree Capital Ltd.CFO & Vice President, Corporate Development416-941-9600ORRichard PatricioInvestor Relations: Pinetree Capital Ltd.Vice President, Legal and Corporate Affairs416firstname.lastname@example.org