By Sheri Kasprzak
New York, April 17 - Pinetree Capital Ltd. said it has increased the size of the over-allotment option granted to placement agent Westwind Partners Inc. in the company's previously announced C$22.5 million private placement.
Westwind now has the option to sell up to 800,000 additional shares in the offering. If exercised, the greenshoe would bring the total proceeds of the deal to C$34.5 million.
The agent had originally been granted an over-allotment option for up to 500,000 shares.
The placement includes up to 1.5 million shares at C$15.00 each, an 11.7% discount to the company's March 29 closing stock price.
The deal priced on March 30 and is expected to close April 20.
Based in Toronto, Pinetree is an investment, financial advisory and merchant banking firm focused on the oil, uranium, precious metals and base metals sectors.
Issuer: | Pinetree Capital Ltd.
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Issue: | Stock
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Amount: | C$22.5 million (maximum)
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Shares: | 1.5 million (maximum)
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Greenshoe: | For up to 800,000 shares
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Price: | C$15.00
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Warrants: | No
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Placement agent: | Westwind Partners Inc.
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Pricing date: | March 30
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Greenshoe upsized: | April 17
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Settlement date: | April 20
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Stock symbol: | Toronto: PNP
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Stock price: | C$17.75 at close March 30
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Stock price: | C$19.49 at close April 17
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