By Devika Patel
Knoxville, Tenn., Oct. 12- Pinetree Capital Ltd. said it has agreed to up its private placement of units to a maximum size of C$65.625 million, increased from C$48 million, and lower the price of each unit and the broker warrants being issued in connection with the placement. The deal was announced Oct. 10.
The company now will sell as many as 12.5 million units, up from 8 million units, of one common share and one half-share warrant at C$5.25, lowered from C$6.00, per unit. Each whole warrant still will be exercisable at C$6.50 for five years.
Closing is expected on Oct. 23.
Up to 1.1 million units may be purchased by insiders.
As previously reported, the deal is being conducted by syndicate of agents led by Genuity Capital Markets and including Westwind Partners Inc.
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$5.30, down from C$6.00, for two years.
Proceeds will be used for future investment activities 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$65.625 million (maximum)
|
| Units: | 12,500,000 (maximum)
|
| Price: | C$5.25
|
| 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
|
| Upsized: | Oct. 12
|
| Settlement date: | Oct. 23
|
| Stock symbol: | Toronto: PNP
|
| Stock price: | C$5.53 at close Oct. 9
|
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