Pinetree Capital acquires 500,000 Probe Mines shares

2010-02-03 10:38 ET - News Release

See News Release (C-PNP) Pinetree Capital Ltd

Mr. Larry Goldberg of Pinetree reports

PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF PROBE MINES LTD.

Pinetree Capital Ltd., on Feb. 2, 2010, acquired ownership of 500,000 common shares and 500,000 common share purchase warrants of Probe Mines Ltd. Each warrant entitles the holder thereof to acquire one additional common share at a price of 75 cents until Feb. 2, 2012. In the event that the warrants are fully exercised, these holdings represent approximately 2.9 per cent of the total issued and outstanding common shares of Probe, as of Feb. 2, 2010, calculated on a partially diluted basis, assuming the exercise of the warrants only. As a result of this transaction, Pinetree held, as at Feb. 2, 2010, a total of five million common shares of Probe, including the common shares and the warrants. In the event that the warrants are fully exercised, the holdings of Pinetree represents a total of 5.5 million common shares of Probe, or approximately 15.9 per cent of all issued and outstanding common shares as at Feb. 2, 2010, calculated on a partially diluted basis, assuming the exercise of the warrants only.