TORONTO, July 13 /CNW/ - Pinetree Capital Ltd. (TSX:PNP) today announced
its intentions to make a normal course issuer bid for up to 695,000 of its
common shares for cancellation being just less than five percent of the
13,962,405 common shares currently issued and outstanding. The normal course
issuer bid will commence on July 19, 2005 and end no later than July 18, 2006.
The bid is expected to be made through the facilities of the Toronto Stock
Exchange (the "TSX") at the market price of the common shares at the time of
the acquisition. A Notice of Intention to Make an Issuer Bid has been filed
with the TSX and the securities commissions of Ontario, Alberta, British
Columbia and Quebec. Approval for the normal course issuer bid has been
obtained from the TSX.
Pinetree also wished to announce that it purchased for cancellation
650,000 of its common shares at an average price of $2.12 per share pursuant
to the normal course issuer bid which will end on July 18, 2005.
Pinetree's management believes the Company's common shares are
under-valued at current market prices and that the purchase of the common
shares will enhance overall shareholder value.
About Pinetree
Pinetree Capital Ltd. was incorporated under the laws of the Province of
Ontario and is publicly traded on the Toronto Stock Exchange ("TSX") under the
symbol "PNP". Pinetree develops and manages a portfolio of equity securities
of private and public issuers engaged in growth businesses in the following
four sectors: (i) Mining and Oil & Gas; (ii) Biotechnology; and (iii)
Technology and Other. Pinetree's investment focus among these three sectors
changes over time, depending on changing investment opportunities. As well,
Pinetree takes advantage of special situations and merchant banking
opportunities.
For more details about Pinetree and its investments, please visit our
website at www.pinetreecapital.com.
This news release contains forward-looking statements within the meaning
of the "safe harbour" provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are subject to risks and
uncertainties and other factors that may cause Pinetree's results to differ
materially from expectations. These include risks relating to market
fluctuations, investee performance and other risks. These forward-looking
statements speak only as of the date hereof. Pinetree disclaims any intent or
obligation to update these forward-looking statements.
