By Devika Patel
Knoxville, Tenn., Oct. 10 - Pinetree Capital Ltd. said it has entered into an agreement with Genuity Capital Markets as lead agent in a syndicate of agents that includes Westwind Partners Inc. for a private placement of units to raise up to C$48 million.
The company will sell up to 8,000,000 units of one common share and one half-share warrant at C$6.00 per unit. Each whole warrant will be exercisable at C$6.50 for five years.
Closing is expected on Oct. 23.
Up to 10% of the units may be purchased by insiders.
The company may pay the agents a 5.5% cash commission and issue compensation warrants equal to 5.5% of the units sold. Each compensation warrant is exercisable for one common share at C$6.00 for two years.
Proceeds will be used for future investments and for general corporate purposes.
Pinetree is an investment banking company based in Toronto.
| Issuer: | Pinetree Capital Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$48 million (maximum)
|
| Units: | 8,000,000 (maximum)
|
| Price: | C$6.00
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$6.50
|
| Agent: | Genuity Capital Markets (lead), Westwind Partners Inc.
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 23
|
| Stock symbol: | Toronto: PNP
|
| Stock price: | C$5.53 at close Oct. 9
|
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