Pinetree Capital Ltd.
Diversified investment, financial advisory and merchant banking firm.
PINETREE CAPITAL LTD. Toronto Ontario, TSX : PNP
Pinetree is a diversified investment, financial advisory and merchant banking firm focused on the small-cap market.
Pinetree was born out of the ingenuity of Sheldon Inwentash, its Founder and current Chairman and CEO.
The Company started in 1992 as a public shell that was formed to invest in technology companies. Pinetree raised initial funds of $2 million for its first venture capital investment.
Using proceeds from successful early investments, Pinetree built a portfolio of early stage technology companies through the mid-to-late 1990’s. Typically taking a 20% to 40% interest in each company, Pinetree acted as an incubator to these early stage technology start-ups. Pinetree’s investment philosophy during the dot-com era was to select companies with solid business plans and novel and valuable intellectual property. As a result, Pinetree was exposed to, but survived when the technology bubble burst in 2000-2001.
Anticipating that global growth would lead to an unprecedented demand for energy and resources, Pinetree switched its focus from technology and biotechnology to the resource sector in 2002.
Today, Pinetree’s strategy is to identify companies with good potential properties and reserves and invest heavily in advance of the projects being developed. Due to numerous global economic and political factors, Pinetree expects the prices of resource and energy-related commodities to remain elevated in the future.
With a finger on the pulse of the market and a proven track record of anticipating trends, Pinetree consistently invests ahead of the cycle.
Pinetree’s investments are primarily in the following resource sectors:
- Uranium,
- Oil & Gas,
- Molybdenum,
- Precious Metals,
- Potash
- Rare Earths
- Base Metals.
As well, Pinetree has investments in the:
- Biotechnology,
- Energy Related Technology,
- Technology sectors.
Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.
- In 1992, Pinetree was founded by Sheldon Inwentash to be a venture investor in early stage, emerging technology companies. It was initially capitalized with approximately $4 million in order to acquire a 30% stake in a Montreal-based biotechnology company called BioSignal Inc. which was subsequently acquired by Perkin Elmer.
- In 1994, Mr. Inwentash founded Genevest Inc. to be a venture investor in early stage, emerging biotechnology companies. Its initial capitalization was also about $4 million, and that money was used to start Visible Genetics Inc. (“VGI”). VGI was the world’s first company specializing in pharmacogenomics, went public on NASDAQ in 1996, had a peak market value of over US$1 billion and was eventually sold to Bayer. Genevest’s profits on this investment totaled over $35 million.
- From the mid-1990s to 2004, Pinetree specialized in early stage technology investing while Genevest focused on early stage biotechnology investing. Both companies thrived in these arenas, which require a long term view and excellent vision.
- In 2001, both companies emerged intact and strong after the bursting of the tech bubble
- In 2003, we began to change our investment focus to the resources sector, primarily precious metals and commodities
- In 2004, we began to target our investments towards energy related companies, including uranium, oil & gas and some energy related technologies
- In 2004 we merged Pinetree and Genevest to create a pool of investment capital of over $80 million at the time.
- In 2004 we invested in PowerOne Capital Markets Limited, an Ontario Limited Market Dealer that provides advisory and capital raising services to small cap companies.
- In 2005, the Fair Value of Pinetree's investments surpassed $100 million for the first time.
- In early 2006, raised $66.5 million of new equity, Pinetree's first significant financing since its founding in 1992.
- In 2006, Pinetree ranked 5th out of 300 small-cap companies by Canadian Business Magazine for total 1 year return.
Investment Philosophy
Unlike most investment funds, Pinetree is not encumbered by sunset issues that impact investment timing, minimum or maximum size of investment, nor sector focus.
As such, we are able to be extremely flexible and opportunistic in our investing activities. This is evidenced by our move over the last several years from a technology and biotechnology focus to a resource focus. No doubt, we will shift our focus again as other sectors provide greater opportunities for above average returns.
Regardless of the particular sector focus, we always look for the same attributes in our investee companies:
- a solid business with real assets (either hard assets, resources or intellectual property),
- a real market for the company’s product or service (as applicable), and
- solid, experienced management.
Below is a list of Pinetree's currently disclosed investees by name, as at September 30, 2011.
African Gold Group Inc. (AGG:TSXV)
Precious Metals
14,323,500 common shares
650,000 warrants expire Dec 17, 2012
African Queen Mines Ltd. (AQ:TSXV)
Precious Metals
5,000,000 common shares
250,000 warrants expire Dec 23, 2011
250,000 warrants expire Nov 1, 2012
1,000,000 warrants expire Aug 8, 2013
AM Gold Inc. (formerly Acero-Martin Exploration Inc.) (AMG:TSX)
Precious Metals
6,000,000 common shares
250,000 warrants expire Apr 30, 2012
250,000 warrants expire Dec 30, 2012
APIC Petroleum Corporation (API:TSXV)
Oil & Gas
4,250,000 common shares
Apogee Silver Ltd. (formerly Apogee Minerals Ltd.) (APE:TSXV)
Precious Metals
16,925,000 common shares
500,000 warrants expire Dec 18, 2011
625,000 warrants expire May 12, 2012
2,500,000 warrants expire Dec 3, 2012
Auryx Gold Corp. (formerly 0824239 B.C. Ltd.) (AYX:TSX)
Precious Metals
11,000,000 common shares
Azimuth Resources Limited (AZH:ASX)
Precious Metals
10,005,000 common shares
10,000,000 warrants expire Dec 31, 2012
Bear Gold Lake Ltd. (formerly NFX Gold Inc.) (BLG: TSXV)
Precious Metals
14,750,000 common shares
1,000,000 warrants expire Oct 23, 2011
2,000,000 warrants expire Aug 23, 2013
Beaufield Resources Inc. (BFD:TSXV)
Base Metals
6,600,000 common shares
Bridgeport Ventures Inc. (BPV:TSX-V)
Base Metals
3,250,000 common shares
500,000 warrants expire Dec 1, 2012
250,000 warrants expire Dec 20, 2012
Brownstone Energy Inc. (BWN:TSXV)
Oil & Gas
11,722,720 common shares
1,369,110 warrants expire Apr 13, 2012
337,500 warrants expire Sep 11, 2012
Caledonia Mining Corporation (CAL:TSX)
Precious Metals
47,000,000 common shares
Canadian Orebodies Inc. (CO:TSXV)
Base Metals
10,000,000 common shares
500,000 warrants expire Dec 18, 2011
500,000 warrants expire Nov 19, 2012
1,000,000 warrants expire Dec 15, 2012
Canadian Spirit Resources Inc. (SPI: TSXV)
Oil & Gas
3,000,000 common shares
Castillian Resources Corp. (CT:TSXV)
Precious Metals
15,941,265 common shares
1,666,667 warrants expire Jul 16, 2012
1,500,000 warrants expire Dec 30, 2012
Castle Resources Inc. (CRI:TSXV)
Base Metals
5,000,000 common shares
2,609,375 warrants expire Oct 7, 2012
Coro Mining Corp. (COP:TSX)
Base Metals
12,000,000 common shares
Cream Minerals Ltd. (CMA:TSXV)
Precious Metals
20,500,000 common shares
5,000,000 warrants expire Dec 21, 2012
Currie Rose Resources Inc. (CUI:TSXV)
Precious Metals
8,750,000 common shares
1,250,000 warrants expire Mar 10, 2012
Diagnos Inc. (ADK:TSX)
Technology and Other
5,250,000 common shares
1,500,000 warrants expire Nov 11, 2011
Dios Exploration Inc. (DOS:TSXV)
Precious Metals
6,242,500 common shares
Donnybrook Energy Inc. (formerly Coastport Capital Inc.) (DEI:TSXV)
Oil & Gas
12,000,000 common shares
Duran Ventures Inc. (DRV:TSXV)
Base Metals
10,722,000 common shares
1,500,000 warrants expire Dec 23, 2012
Energy Fuels Inc. (EFR:TSX)
Uranium
7,000,000 common shares
500,000 warrants expire Mar 31, 2015
Erin Ventures Inc. (EV:TSXV)
Precious Metals
9,200,000 common shares
1,000,000 warrants expire Dec 2, 2011
1,000,000 warrants expire Jan 7, 2012
1,875,000 warrants expire Apr 30, 2012
Gold Canyon Resources Inc. (GCU:TSXV)
Precious Metals
12,943,748 common shares
1,000,000 warrants expire Feb 8, 2012
531,252 warrants expire Jun 17, 2012
475,000 warrants expire Sep 23, 2012
300,000 warrants expire Oct 29, 2012
Golden Tag Resources Ltd. (GOG:TSXV)
Precious Metals
5,500,000 common shares
2,000,000 warrants expire Nov 30, 2011
909,091 warrants expire Apr 20, 2013
Happy Creek Minerals Ltd. (HPY:TSXV)
Base Metals
5,912,500 common shares
500,000 warrants expire Dec 21, 2012
Hodges Resources Limited (HDG:ASE)
Coal
8,499,294 common shares
Innovative Composites International Inc. (IC:TSXV)
Technology and Other
2,000,000 common shares
Kilo Goldmines Ltd. (KGL:TSXV)
Precious Metals
5,000,000 common shares
1,000,000 warrants expire May 12, 2013
Lago Dourado Minerals Ltd. (LDM:TSXV)
Precious Metals
3,200,000 common shares
250,000 warrants expire Jan 18, 2013
Landdrill International Inc. (LDI:TSXV)
Technology and Other
10,000,000 common shares
750,000 warrants expire Aug 10, 2012
500,000 warrants expire Nov 26, 2012
Latin American Minerals Inc. (LAT:TSXV)
Precious Metals
16,000,000 common shares
1,000,000 warrants expire Oct 5, 2011
1,000,000 warrants expire Sep 10, 2012
Lithium Americas Corp. (LAC:TSX)
Potash, Lithium and Rare Earths
4,925,000 common shares
125,000 warrants expire May 13, 2012
Macarthur Minerals Ltd. (MMS:TSXV)
Base Metals
6,550,000 common shares
500,000 warrants expire Jan 3, 2013
MacDonald Mines Exploration Ltd. (BMK:TSXV)
Base Metals
16,000,000 common shares
3,075,000 warrants expire Oct 29, 2011
Matamec Explorations Inc. (MAT:TSXV)
Potash, Lithium and Rare Earths
12,250,001 common shares
750,000 warrants expire Jun 16, 2012
Mawson Resources Limited (MAW:TSX)
Precious Metals
5,175,000 common shares
375,000 warrants expire Oct 25, 2012
Mega Precious Metals Inc. (formerly Mega Silver Inc.) (MGP:TSXV)
Precious Metals
10,050,600 common shares
600,000 warrants expire Feb 25, 2012
Mega Uranium Ltd. (MGA:TSX)
Uranium
12,000,000 common shares
165,000 warrants expire Feb 22, 2012
764,712 warrants expire Jun 6, 2012
1,500,000 warrants expire Oct 26, 2014
Mesa Exploration Corp. (MSA:TSXV)
Potash, Lithium and Rare Earths
3,226,651 common shares
500,000 warrants expire Nov 20, 2011
181,818 warrants expire Mar 11, 2013
Montero Mining and Exploration Ltd. (MON:TSXV)
Potash, Lithium and Rare Earths
2,975,668 common shares
188,500 warrants expire Feb 4, 2013
New World Resource Corp. (NW:TSXV)
Potash, Lithium and Rare Earths
5,000,000 common shares
Nortec Minerals Corp. (NVT:TSXV)
Precious Metals
18,250,000 common shares
Northern Lion Gold Corp. (NL:TSX)
Precious Metals
5,500,000 common shares
500,000 warrants expire Apr 29, 2012
500,000 warrants expire May 24, 2012
Nuinsco Resources Ltd. (NWI:TSX)
Precious Metals
13,852,000 common shares
5,000,000 warrants expire Oct 1, 2012
Opel International Inc. (OPL:TSXV)
Technology and Other
7,800,000 common shares
750,000 warrants expire Dec 13, 2011
500,000 warrants expire Jul 21, 2012
Orbite Aluminae Inc. (formerly Exploration Orbite VSPA Inc.) (ORT:TSX)
Base Metals
4,250,000 common shares
750,000 warrants expire Nov 5, 2011
200,000 warrants expire Jul 7, 2012
Oroco Resource Corp. (OCO:TSXV)
Precious Metals
5,500,000 common shares
500,000 warrants expire Apr 14, 2012
500,000 warrants expire Oct 26, 2012
Pacific North West Capital Corp. (PFN:TSX)
Precious Metals
7,430,000 common shares
250,000 warrants expire Dec 30, 2011
500,000 warrants expire Mar 15, 2012
Pele Mountain Resources Inc. (GEM:TSXV)
Uranium
13,750,000 common shares
Primary Petroleum Corp. (PIE:TSX)
Oil & Gas
15,000,000 common shares
Probe Mines Ltd. (PRB:TSXV)
Precious Metals
4,500,000 common shares
500,000 warrants expire Feb 2, 2012
750,000 warrants expire Apr 21, 2013
Prosperity Goldfields Corp. (PPG:TSXV)
Precious Metals
2,000,000 common shares
750,000 warrants expire Apr 6, 2013
500,000 warrants expire Aug 15, 2013
Queenston Mining Inc. (QMI:TSX)
Precious Metals
5,418,300 common shares
50,000 warrants expire Nov 26, 2011
Rare Earth Metals Inc. (RA:TSXV)
Potash, Lithium and Rare Earths
7,784,500 common shares
250,000 warrants expire Nov 10, 2011
2,000,000 warrants expire Dec 16, 2011
Redstar Gold Corp. (RGC:TSXV)
Precious Metals
10,250,000 common shares
1,000,000 warrants expire Jul 14, 2013
RJK Explorations Ltd. (RJX.A:TSX)
Precious Metals
9,000,000 common shares
5,000,000 warrants expire Dec 15, 2012
Rockgate Capital Corp. (RLL:TSXV)
Uranium
4,000,000 common shares
Roxgold Inc. (ROG:TSXV)
Precious Metals
3,550,000 common shares
700,000 warrants expire Oct 27, 2012
750,000 warrants expire May 10, 2013
Sanatana Resources Inc. (STA:TSXV)
Precious Metals
6,000,000 common shares
500,000 warrants expire Jan 14, 2012
Shoal Point Energy Ltd. (SHP:CNSX)
Oil & Gas
8,650,500 common shares
250,000 warrants expire Sep 3, 2012
250,000 warrants expire Oct 25, 2012
1,000,000 warrants expire Apr 29, 2013
Silver Spruce Resources Inc. (SSE:TSXV)
Potash, Lithium and Rare Earths
16,000,000 common shares
2,500,000 warrants expire Sep 7, 2012
1,000,000 warrants expire Dec 23, 2012
Soltoro Ltd. (SOL:TSXV)
Precious Metals
4,500,000 common shares
500,000 warrants expire Dec 21, 2011
Southern Andes Energy Inc. (SUR:TSXV)
Uranium
11,607,667 common shares
2,000,000 warrants expire Dec 17, 2011
1,458,333 warrants expire Sep 12, 2012
Sparton Resources Inc. (SRI:TSXV)
Potash, Lithium and Rare Earths
11,758,000 common shares
Stans Energy Corp. (RUU:TSXV)
Potash, Lithium and Rare Earths
5,000,000 common shares
250,000 warrants expire Apr 28, 2013
Talon Metals Corp. (TLO:TSX)
Oil & Gas
4,300,000 common shares
205,000 warrants expire Oct 29, 2012
Temex Resources Corp. (TME:TSXV)
Precious Metals
10,662,900 common shares
625,000 warrants expire Nov 19, 2012
Terreno Resources Corp. (formerly Mega Moly Inc.) (TNO:TSXV)
Base Metals
9,234,834 common shares
2,333,334 warrants expire Nov 1, 2012
1,000,000 warrants expire Aug 11, 2013
Tigris Uranium Corp. (TU:TSXV)
Uranium
6,180,000 common shares
750,000 warrants expire Jun 30, 2012
250,000 warrants expire Aug 22, 2012
Tinka Resources Limited (TK:TSXV)
Precious Metals
4,860,000 common shares
760,000 warrants expire Jul 8, 2012
Titanium Corporation Inc. (TIC:TSXV)
Technology and Other
1,500,000 common shares
250,000 warrants expire Jun 15, 2012
Tournigan Energy Ltd. (TVC:TSXV)
Uranium
20,750,000 common shares
500,000 warrants expire Jul 14, 2012
1,250,000 warrants expire Dec 30, 2012
U308 Corp. (UWE:TSXV)
Uranium
10,085,771 common shares
750,000 warrants expire Oct 14, 2012
441,250 warrants expire Feb 15, 2013
Unigold Inc. (UGD:TSXV)
Precious Metals
10,821,500 common shares
1,500,000 warrants expire Dec 1, 2011
Uranium North Resouces Corp. (UNR:TSXV)
Uranium
7,750,000 common shares
750,000 warrants expire Aug 8, 2012
Valgold Resources Ltd. (VAL:TSXV)
Precious Metals
7,000,000 common shares
1,000,000 warrants expire Nov 23, 2012
1,000,000 warrants expire Mar 3, 2015
Vanoil Energy Ltd. (VEL:TSXV)
Oil & Gas
2,400,000 common shares
Virginia Energy Resources Inc. (VAE:TSXV)
Uranium
10,500,000 common shares
750,000 warrants expire Apr 21, 2012
100,000 warrants expire Jul 21, 2014
Vulcan Minerals Inc. (VUL:TSXV)
Oil & Gas
4,882,500 common shares
500,000 warrants expire Nov 3, 2011
100,000 warrants expire Nov 26, 2011
Western Potash Corp. (WPX:TSXV)
Potash, Lithium and Rare Earths
5,000,000 common shares
500,000 warrants expire Jun 21, 2013
Western Troy Capital Resources Inc. (WRY:TSXV)
Base Metals
6,639,166 common shares
500,000 warrants expire Nov 29, 2012
Woulfe Mining Corp. (WOF:TSXV)
Base Metals
17,545,500 common shares
2,500,000 warrants expire Dec 17, 2011