announces that on April 2, 2008, it acquired ownership of 1,500,000 common shares ("Common Shares") of Castle Resources Inc. ("Castle") and 750,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until October 2, 2009, at a price of $0.60. In the event that the Warrants are fully exercised, these holdings represent approximately 8.2% of the total issued and outstanding common shares of Castle as of April 2, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree holds, as at April 2, 2008, an aggregate of 2,000,000 common shares of Castle, including the Common Shares, and the Warrants. In the event that the Warrants are fully exercised, the holdings of Pinetree represents a total of 2,750,000 common shares of Castle, or approximately 10.0% of all issued and outstanding common shares as at April 2, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Castle 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 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 following resources sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. Pinetree's investment approach is to build a macro position in a sector, find the micro-cap opportunities within that sector and work with those companies to build them to commercial production and create an exit.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.
Contacts:
Investor Relations: Pinetree Capital Ltd.
Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
(416) 941-9600
Email: ir@pinetreecapital.com
Website: www.pinetreecapital.com
