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Pinetree Capital acquires two million Erin shares 2007-05-17 Mr. Larry Goldberg of Pinetree Capital reports PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF ERIN VENTURES INC. Pinetree Capital Ltd., on May 16, 2007, acquired ownership of two million common shares of Erin Ventures Inc. and two million share purchase warrants (each warrant entitling the holder thereof to acquire one additional common share at an exercise price of 20 cents until May 16, 2008, and at a price of 25 cents until May 16, 2009). In the event that the warrants are fully exercised, these holdings represent approximately 5.6 per cent of the total issued and outstanding common shares of Erin as of May 16, 2007, calculated on a partially diluted basis, assuming the exercise of warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at May 16, 2007, a total of four million common shares of Erin and rights to acquire an additional 4.4 million common shares of Erin upon the exercise of convertible securities, including the warrants. Of these totals, Pinetree owns a total of four million common shares and convertible securities exercisable into an additional four million common shares of Erin, including the warrants. In the event that the convertible securities are fully exercised, the holdings of Pinetree and its joint actors represent a total of 8.4 million common shares of Erin, or approximately 11.3 per cent of all issued and outstanding common shares as at May 16, 2007, calculated on a partially diluted basis, assuming the exercise of the convertible securities only. In the event that only the convertible securities, including the warrants, held directly by Pinetree are fully exercised, Pinetree's direct holdings would represent approximately 10.8 per cent of all issued and outstanding common shares of Erin as of May 16, 2007, calculated on a partially diluted basis, assuming the exercise of those directly owned 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 Erin depending on market conditions or any other relevant factor. We seek Safe Harbor. For further information, please contact: Erin Ventutures Inc. Whaler Capital Corp. Erin’s Public Quotations: The technical information in this release was prepared by James E Wallis, M.Sc. (Eng), P. Eng. a director of the Corporation, who is a Qualified Person under National Instrument 43-101. Forward Looking Statements This release contains forward looking statements. The words "believe," "expect," “feel,” "plan," "anticipate," “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary for the continued operations of the Company, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE |
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