Pinetree Capital Acquires Securities of Parallel Resources

Pinetree Capital Ltd. (TSX:PNP), reported that on March 17, 2010, it acquired ownership of 600,000 common shares and 300,000 common share purchase warrants of Parallel Resources Ltd.

The press release is quoted as saying:

Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.40 until September 17, 2011. In the event that the Warrants are fully exercised, these holdings represent approximately 7.0% of the total issued and outstanding common shares of Parallel as of March 17, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only.

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