TORONTO, ONTARIO--(Marketwire - Sept. 2, 2009) - Pinetree Capital Ltd. (TSX:PNP), announces that through a series of transactions ending on September 1, 2009, Pinetree acquired ownership of 100,000 common shares ("Common Shares") of Ucore Uranium Inc. ("Ucore") through the facilities of the TSX Venture Exchange representing approximately 0.1% of the total issued and outstanding common shares of Ucore as of September 1, 2009. As a result of this transaction, Pinetree and its joint actor collectively held, as at September 1, 2009, an aggregate of 7,371,500 common shares of Ucore, including the Common Shares and rights to acquire an additional 1,250,000 common shares of Ucore upon the exercise of convertible securities (collectively, the "Convertible Securities"). Of these totals, Pinetree owns 7,150,000 common shares, including the Common Shares and all of the Convertible Securities, directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actor represents a total of 8,621,500 common shares of Ucore, or approximately 10.1% of all issued and outstanding common shares as at September 1, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Convertible Securities are fully exercised, the direct holdings of Pinetree represent a total of 8,400,000 common shares of Ucore, or approximately 9.8% of all issued and outstanding common shares as at September 1, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

 

These transactions were made for investment purposes and Pinetree and its joint actor could increase or decrease their respective investments in Ucore depending on market conditions or any other relevant factor.

 

About Pinetree

 

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 merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. 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.

 

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com

 

 

 

For more information, please contact

 

Investor Relations: Pinetree Capital Ltd.

Larry Goldberg, C.A.

Executive Vice President and Chief Financial Officer

416-941-9600