Small-cap investor Pinetree Capital (TSX: PNP) said Tuesday that it has increased its stake in Lithium Americas (TSX:LAC), a company focused on the development of lithium and potash projects in Argentina, to around 10%.
Pinetree said the acquisition was made through a series of transactions that ended last Friday, when it bought 506,300 common shares of the company for a 0.7% interest.
As a result of the transaction, Pinetree and its "joint actors" collectively held 10.3% of the company at December 17, 2010, including warrants, on a partially diluted basis.
Lithium Americas recently filed an updated resource estimate for its Cauchari-Olaroz property in Argentina, identifying the third largest lithium brine deposit in the world. Now in the development phase, a preliminary economic assessment is targeted for the first quarter of next year.
Pinetree's investments are primarily in the resources sectors of Uranium and Coal, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths.