Pinetree Capital acquires AurCrest shares, warrants

2011-11-21 13:35 ET - News Release

Also News Release (C-AGO) AurCrest Gold Inc

Mr. Sheldon Inwentash of Pinetree Capital reports

PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF AURCREST GOLD INC.

Pinetree Capital Ltd., on Nov. 18, 2011, acquired ownership of 1.8 million common shares and 1.8 million common share purchase warrants of AurCrest Gold Inc. Each warrant entitles the holder thereof to acquire one additional common share at a price of 25 cents until Nov. 18, 2013. In the event that the Warrants are fully exercised, these holdings represent approximately 8.8% of the total issued and outstanding common shares of AurCrest as of November 18, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at November 18, 2011, an aggregate of 5,300,000common shares of AurCrest, including the Common Shares, and rights to acquire an additional 3,050,000 common shares of AurCrest upon exercise of certain convertible securities, including the Warrants (the "Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 8,350,000 common shares of AurCrest, or approximately 19.7% of all issued and outstanding common shares as at November 18, 2011, 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 AurCrest depending on market conditions or any other relevant factor.