Pinetree meldt 10% belang in Erin Ventures.
Pinetree Capital Ltd. Acquires Securities of Erin Ventures Inc.
TORONTO, ONTARIO--(Marketwire - Jan. 20, 2011) - Pinetree Capital Ltd. (TSX:PNP), announces that on January 17, 2011, it acquired ownership of 1,000,000 common shares ("Common Shares") and 1,000,000 common share purchase warrants (the "Warrants") of Erin Ventures Inc. ("Erin Ventures"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.15 until January 7, 2012 and at a price of $0.25 until January 7, 2013. In the event that the Warrants are fully exercised, these holdings represent approximately 1.4% of the total issued and outstanding common shares of Erin Ventures as of January 17, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at January 17, 2011, an aggregate of 10,125,000common shares of Erin Ventures, including the Common Shares, and rights to acquire an additional 4,875,000 common shares of Erin Ventures 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 15,000,000 common shares of Erin Ventures, or approximately 10.1% of all issued and outstanding common shares as at January 17, 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 Erin Ventures depending on market conditions or any other relevant factor.