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Message: Pinetree NR

Pinetree NR

posted on Apr 03, 2008 09:34AM

There is a NR out from Pinetree saying they have bought in to Castle Resources at a price of 60 cents. I can't find anything about this co. Has anyone heard of it?

TORONTO, ONTARIO--(Marketwire - April 3, 2008) - Pinetree Capital Ltd. (TSX:PNP), announces that on April 2, 2008, it acquired ownership of 1,500,000 common shares ("Common Shares") of Castle Resources Inc. ("Castle") and 750,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until October 2, 2009, at a price of $0.60. In the event that the Warrants are fully exercised, these holdings represent approximately 8.2% of the total issued and outstanding common shares of Castle as of April 2, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree holds, as at April 2, 2008, an aggregate of 2,000,000 common shares of Castle, including the Common Shares, and the Warrants. In the event that the Warrants are fully exercised, the holdings of Pinetree represents a total of 2,750,000 common shares of Castle, or approximately 10.0% of all issued and outstanding common shares as at April 2, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only.

These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Castle depending on market conditions or any other relevant factor.

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