Non-brokered deal funds likely convertible debenture tender, purchase
By Devika Patel
Knoxville, Tenn., April 16 - Pinetree Capital Ltd. said it will raise C$7 million in a non-brokered private placement of units.
The company will sell 15,555,555 units of one common share and one half-share warrant at C$0.45 per unit. Each whole warrant is exercisable at C$0.75 for three years.
The warrant strike price is a 66.67% premium to the April 15 closing share price of C$0.45.
Proceeds will be used for working capital purposes, including repurchasing or cancelling convertible debentures.
The investment banking company is based in Toronto.
| Issuer: | Pinetree Capital Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$7 million
|
| Units: | 15,555,555
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.75
|
| Pricing date: | April 16
|
| Agent: | Non-brokered
|
| Stock symbol: | Toronto: PNP
|
| Stock price: | C$0.45 at close April 15
|
| Market capitalization: | C$73.42 million
|
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