Pinetree Capital Ltd. (TSX:PNP), announces that on June 3, 2011, it acquired ownership of 2,000,000 common shares (“Common Shares”) and 2,000,000 common share purchase warrants (the “Warrants”) of Torch River Resources Ltd. (“Torch River”).
Pinetree Capital Ltd. (TSX:PNP), announces that on June 3, 2011, it acquired ownership of 2,000,000 common shares (“Common Shares”) and 2,000,000 common share purchase warrants (the “Warrants”) of Torch River Resources Ltd. (“Torch River”).
Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.10 until May 26, 2013. In the event that the Warrants are fully exercised, these holdings represent approximately 5.7% of the total issued and outstanding common shares of Torch River as of June 3, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at June 3, 2011, an aggregate of 11,250,000 common shares of Torch River, including the Common Shares, and rights to acquire an additional 4,625,000 common shares of Torch River upon exercise of certain convertible securities, including the Warrants (the “Convertible Securities”).
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