By Devika Patel
Knoxville, Tenn., Oct. 23 - Pinetree Capital Ltd. said has closed a C$72.19 million private placement of units.
The deal priced on Oct. 10 for C$48 million, was boosted to C$65.63 million on Oct. 12 and a 10% greenshoe was added on Oct. 15. The greenshoe was exercised in full.
The company sold 13.75 million units of one common share and one half-share warrant at C$5.25 per unit. The original price of the units was to have been C$6.00. Each whole warrant is exercisable at C$6.50 for five years.
As previously reported, the deal was conducted by a syndicate of agents led by Genuity Capital Markets and including Westwind Partners Inc. The agents were paid C$3,760,313 in cash and compensation options exercisable for up to 756,250 common shares at C$5.30 per share, also lowered from C$6.00, for two years.
Proceeds will be used for future investment 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$72,187,500 (includes greenshoe for C$6,562,500)
|
| Units: | 13.75 million (includes greenshoe for 1.25 million units)
|
| Price: | C$5.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$6.50
|
| Agent: | Genuity Capital Markets (lead), Westwind Partners Inc.
|
| Fees: | C$3,760,313 in cash, compensation options exercisable for up to 756,250 common shares
|
| 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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