Business
Pinetree Capital Ltd. Acquires Securities of Visible Gold Mines Inc.
Pinetree Capital Ltd. Acquires Securities of Visible Gold Mines Inc..
About this update from Pinetree Capital Ltd.
[{"type":"text","content":"\n\n\n\nROUYN-NORANDA, QC, July 31 /CNW Telbec/ - Visible Gold Mines Inc. (VGD:\nTSX Venture Exchange) is pleased to announce that Pinetree Capital Ltd.\n(TSX:PNP), a Canadian investment company acquired ownership of\n1,350,000 common shares ("Common Shares") of Visible Gold Mines Inc. ("Visible\nGold") and 675,000 common share purchase warrants (the "Warrants") of Visible\nGold on Visible Gold's initial public offering on the TSX Venture Exchange.\nEach Warrant entitles the holder thereof to acquire one additional common\nshare until July 17, 2009 at a price of $0.60. In the event that the Warrants\nare fully exercised, these holdings represent approximately 8.2% of the total\nissued and outstanding common shares of Visible Gold as of July 17, 2007,\ncalculated on a partially diluted basis assuming the exercise of the Warrants\nonly. As a result of this transaction, Pinetree and its joint actors held, as\nat July 17, 2007, an aggregate of 2,920,000 common shares of Visible Gold and\nrights to acquire an aggregate of 1,125,000 common shares of Visible Gold upon\nexercise of convertible securities, including the Warrants (collectively, the\n"Convertible Securities"). Of these totals, Pinetree holds only the Common\nShares and the Warrants directly. If Pinetree and its joint actors were to\nexercise all of these Convertible Securities, their combined ownership would\nrepresent a total of 4,045,000 common shares of Visible Gold, or approximately\n16.1% of such shares outstanding as of July 17, 2007, calculated on a\npartially diluted basis assuming the exercise of the Convertible Securities\nonly.\n\n\nPinetree Capital Ltd. is publicly traded on the Toronto Stock Exchange\n("TSX") under the symbol "PNP" and is included in the Standard &\nPoor's/Toronto Stock Exchange composite index. Pinetree is a diversified\ninvestment and merchant banking firm focused on the small cap market.\n\n\nThese transactions were made for investment purposes and Pinetree and\neach of its joint actors could increase or decrease their respective\ninvestments in Visible Gold depending on market conditions or any other\nrelevant factor. For more details about Pinetree and its investments, please\nvisit the website at www.pinetreecapital.com .\n\n\nAbout Visble Gold Mines Inc.\n\n\nVisible Gold M...