Pinetree invested in NOT in the early days.

But i do remember that during those years they sold their complete position and no ownership of stocks of Noront was mentioned on their website.

I don't worry about them having Noront stocks at 0,50 average. My feeling is that 1,25 is closer. Look at the part of oktober 2007. That was during a period that we were trading between 2 and 3 if not mistaken.

Posted 20 oktober 2008
Other major shareholders in Noront include Sprott Asset Management, at 9.9%, and Pinetree Capital, at 7.9%. Noront shares traded at $1.24 this afternoon in a 12-month window of 90¢-7.42.

Posted 25 oktober 2007
PINETREE CAPITAL LTD. ACQUIRES COMMON SHARES OF NORONT RESOURCES LTD.

Pinetree Capital Ltd., through a series of transactions ending on Oct. 25, 2007, acquired ownership of 720,000 common shares of Noront Resources Ltd. through the facilities of the TSX Venture Exchange representing approximately 0.6 per cent of the total issued and outstanding common shares of Noront as of Oct. 25, 2007. As a result of this transaction, Pinetree and its joint actors collectively held, as at Oct. 25, 2007, a total of 11,482,600 common shares of Noront, which represents approximately 10.2 per cent of all issued and outstanding common shares as at Oct. 25, 2007. Of these totals, Pinetree owns a total of 8,610,600 common shares, including the common shares, which represents approximately 7.6 per cent of all issued and outstanding common shares as at Oct. 25, 2007.