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Pinetree Capital adds 2.75 million Canada Coal shares

Posted: March 02, 2012

Mr. Sheldon Inwentash of Pinetree reports

PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF CANADA COAL INC.

Pinetree Capital Ltd. as of Feb. 28, 2012, held three million common shares of Canada Coal Inc. and rights to acquire an additional 2.75 million common shares upon exercise of certain convertible securities. In the event that the Pinetree convertible securities are fully exercised, these holdings represent approximately 12.4 per cent of the total issued and outstanding common shares of Canada Coal as of Feb. 28, 2012, calculated on a partially diluted basis assuming the exercise of the Pinetree convertible securities only. Immediately following this transaction, Pinetree and its joint actors collectively held, as at Feb. 28, 2012, an aggregate of six million common shares of Canada Coal and rights to acquire an additional 5.5 million common shares of Canada Coal upon exercise of certain convertible securities. Of these totals, Pinetree owns only the common shares and the Pinetree convertible securities directly.

In the event that the convertible securities are fully exercised, the holdings of Pinetree and its joint actors represent a total of 11.5 million common shares of Canada Coal, or approximately 23.5 per cent of all issued and outstanding common shares as at Feb. 28, 2012, calculated on a partially diluted basis assuming the exercise of the convertible securities only. These transactions were made for investment purposes and Pinetree or its joint actor could increase or decrease their investment in Canada Coal depending on market conditions or any other relevant factor.


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