Pinetree acquires 6.81 million shares of Western Potash
2008-05-07 11:10 MT - News Release
Also News Release (C-WPX) Western Potash Corp
Mr. Larry Goldberg of Pinetree Capital reports
PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF WESTERN POTASH CORP.
Following Western Potash Corp.'s initial public offering, Pinetree Capital Ltd. owned 6.81 million common shares of Western Potash and six million common share purchase warrants. In the event that the warrants are fully exercised, these holdings represent approximately 13.3 per cent of the total issued and outstanding common shares of Western Potash as of May 6, 2008, calculated on a partially diluted basis assuming the exercise of the warrants only.
As a result of this transaction, Pinetree and its joint actors held, as at May 6, 2008, a total of 9.81 million common shares of Western Potash, including the common shares, and convertible securities exercisable into 10,045,000 common shares of Western Potash, including the warrants. Of these totals, Pinetree directly holds the common shares and the warrants directly. If Pinetree and its joint actors were to exercise all of the convertible securities, their combined ownership would represent a total of 19,855,000 common shares of Western Potash or approximately 19.8 per cent of such shares outstanding as of May 6, 2008, calculated on a partially diluted basis assuming the exercise of the convertible securities only.
These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Western Potash depending on market conditions or any other relevant factor.
