Business
Pinetree Capital Ltd. acquires common shares of Petrolifera Petroleum Limited
Pinetree Capital Ltd. acquires common shares of Petrolifera Petroleum Limited.
About this update from Pinetree Capital Ltd.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 8 /CNW/ - Pinetree Capital Ltd. (TSX: PNP), a Canadian\ninvestment company, announces that pursuant to the closing of Petrolifera\nPetroleum Limited's (\"Petrolifera\") initial public offering of common shares\non the Toronto Stock Exchange (the \"IPO\"), it acquired ownership of 250,000\ncommon shares (\"Common Shares\") of Petrolifera and 125,000 share purchase\nwarrants (each, a \"Warrant\") (each Warrant entitling the holder thereof to\nacquire one additional common share at an exercise price of $3.00 until May 8,\n2007). In the event that the Warrants are fully exercised, these holdings\nrepresent approximately 1.1% of the total issued and outstanding common shares\nas of November 8, 2005, calculated on a partially diluted basis assuming the\nexercise of Warrants only. As a result of this transaction, Pinetree and its\njoint actors held, as at November 8, 2005, an aggregate of 1,983,333 common\nshares of Petrolifera and rights to acquire an aggregate of 2,852,333 common\nshares of Petrolifera upon exercise of convertible securities, including the\nWarrants (collectively, the \"Convertible Securities\"). Of these totals,\nPinetree holds 250,000 common shares and the 125,000 Warrants directly. If\nPinetree and its joint actors were to exercise all of these Convertible\nSecurities, their combined ownership would represent a total of 4,835,666\ncommon shares of Petrolifera, or approximately 13.5% of such shares\noutstanding as of November 8, 2005, calculated on a partially diluted basis\nassuming the exercise of the Convertible Securities only. In the event that\nonly the Warrants are fully exercised, the direct holdings of Pinetree\nrepresent approximately 1.1% of all issued and outstanding common shares of\nPetrolifera as of November 8, 2005, calculated on a partially diluted basis\nassuming the exercise of the Warrants only.\nThese transactions were made for investment purposes and Pinetree and\neach of its joint actors could increase or decrease their respective\ninvestments in Petrolifera depending on market conditions or any other\nrelevant factor.\n\nAbout Pinetree\n\nPinetree Capital Ltd. (\"Pinetree\" or the \"Company\") was incorporated\nunder the laws of the Province of Ontario and is publicly traded on the\nToronto Stock Exchange (\"TSX\") under the symbol \"PNP\". Pinetree develops and\nmana...