News Out. . .
TORONTO, Canada (September 29, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on September 28, 2010, it acquired ownership of 5,000,000 common shares (“Common Shares”) and 5,000,000 common share purchase warrants (the “Warrants”) of Slam Exploration Ltd. (“Slam”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.15 until September 23, 2011, and thereafter until September 23, 2012, at a price of $0.25 per common share. In the event that the Warrants are fully exercised, these holdings represent approximately 6.3% of the total issued and outstanding common shares of Slam as of September 28, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at September 28, 2010, an aggregate of 18,235,500 common shares of Slam, including the Common Shares and rights to acquire an additional 9,350,000 common shares of Slam upon exercise of certain convertible securities (the “Convertible Securities”) including the Warrants. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 27,585,500 common shares of Slam, or approximately 17.0% of all issued and outstanding common shares as at September 28, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Slam depending on market conditions or any other relevant factor.
