Business & Finance
Business and Finance
Business and Finance
Mon, June 11, 2012 Pinetree Capital Ltd. Acquires Securities of Lorus Therapeutics Inc.
June 11, 2012 12:23 ET
Pinetree Capital Ltd. Acquires Securities of Lorus Therapeutics Inc.
TORONTO, CANADA--(Marketwire - June 11, 2012) -Pinetree Capital Ltd. (TSX:PNP) announces that on June 11, 2012, it acquired ownership of 1,500,000 common shares (the "Common Shares") and 1,500,000 common share purchase warrants (the "Warrants") of Lorus Therapeutics Inc. ("Lorus"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.45 until June 11, 2014. In the event that the Warrants are fully exercised, these holdings represent approximately 6.9% of the total issued and outstanding common shares of Lorus as of June 11, 2012, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at June 11, 2012, an aggregate of 5,000,000 common shares of Lorus, including the Common Shares, and rights to acquire an additional 5,000,000 common shares of Lorus upon exercise of certain convertible securities (the "Convertible Securities"), including the Warrants. Of these totals, Pinetree owns only the Common Shares and the Warrants directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 10,000,000 common shares of Lorus, or approximately 21.4% of all issued and outstanding common shares as at June 11, 2012, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Lorus 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 venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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. Pinetree is recognized as a value-added partner in the resource industry.
