With us today is Frank C. Smeenk President & Chief Executive Officer of KWG Resources Inc. Mr. Smeenk discusses recent conversation with Noront Resources after proposed acquisition of Cliffs Chromite was announced.
TORONTO, ONTARIO--(Marketwire - Feb. 15, 2011) - Pinetree Capital Ltd. (TSX:PNP), announces that through a series of transactions ending on February 14, 2011, it acquired ownership of 250,000 common shares ("Common Shares") of Tournigan Energy Ltd. ("Tournigan") representing approximately 0.1% of the total issued and outstanding common shares of Tournigan as of February 14, 2011. As a result of this transaction, Pinetree and its joint actors collectively held, as at February 14, 2011, an aggregate of 22,339,000 common shares of Tournigan, including the Common Shares and rights to acquire an additional 2,500,000 common shares of Tournigan upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 19,500,000 common shares, including the Common Shares and 1,750,000 of the Convertible Securities (the "Pinetree Convertible Securities") directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 24,839,000 common shares of Tournigan, or approximately 12.7% of all issued and outstanding common shares as at February 14, 2011, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 21,250,000 common shares of Tournigan, or approximately 10.9% of all issued and outstanding common shares as at February 14, 2011, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.
This transaction was made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Tournigan depending on market conditions or any other relevant factor.
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP". Pinetree is a diversified investment and venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Uranium and Coal, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths. Pinetree's investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities and is recognized as a value added partner in the resource industry.
For more details about Pinetree and its investments, please visit our website at >www.pinetreecapital.com