Pinetree Capital Ltd. Acquires Securities of Torch River Resources Ltd.

Pinetree Capital Ltd. (TSX:PNP) reported that it has acquired ownership of 2,000,000 common shares of Torch River Resources Ltd. and 2,000,000 common share purchase warrants.

The press release is quoted as saying:

Each Warrant entitles the holder thereof to acquire one additional common share until March 31, 2015, at a price of $0.10. In the event that the Warrants are fully exercised, these holdings represent approximately 7.1% of the total issued and outstanding common shares of Torch as of April 1, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at April 1, 2010, an aggregate of 8,000,000 common shares of Torch and the Warrants. If Pinetree were to exercise all of the Warrants, its ownership would represent a total of 10,000,000 common shares of Torch, or approximately 17.8% of such shares outstanding as of April 1, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only.

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