Pinetree acquires 12.44 million more Avion shares

2009-05-08 11:24 ET - News Release

See News Release (C-PNP) Pinetree Capital Ltd

Mr. Larry Goldberg of Pinetree reports

PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF AVION RESOURCES CORP.

Pinetree Capital Ltd., following the acquisition by Avion Resources Corp. of Dynamite Resources Ltd., holds an aggregate of 12.44 million common shares of Avion and rights to acquire an aggregate of 4,125,000 common shares of Avion upon exercise of convertible securities. In the event that the Pinetree convertible securities are fully exercised, these holdings represent 16,565,000 common shares of Avion, or approximately 8.2 per cent of the total issued and outstanding common shares of Avion as of May 8, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree convertible securities only.

As a result of this transaction, Pinetree and its joint actors held, as at May 8, 2009, an aggregate of 16.11 million common shares of Avion, including the common shares, and rights to acquire an aggregate of 5,437,500 common shares of Avion upon exercise of convertible securities, including the Pinetree convertible securities. If Pinetree and its joint actors were to exercise all of these convertible securities, their combined ownership would represent a total of 21,547,500 common shares of Avion, or approximately 10.6 per cent of such shares outstanding as of May 8, 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 each of its joint actors could increase or decrease their respective investments in Avion depending on market conditions or any other relevant factor.