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TORONTO, CANADA--(Marketwired - April 16, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Pinetree Capital Ltd. (TSX:PNP) announces today that it is proposing to complete a non-brokered private placement to sell up to 15,555,555 units (the "Units"), at a price of $0.45 per Unit, for aggregate gross proceeds of up to $7 million (the "Financing").
Each Unit will consist of one common share and one-half of one common share purchase warrant of Pinetree (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of Pinetree, at a price of $0.75, for a period of 36 months from the closing date of the Financing, provided that, if the weighted-average trading price of the company's common shares on the Toronto Stock Exchange is $1.25 or more for any period of twenty consecutive trading days (commencing after the four-month hold period applicable to the Units on closing), Pinetree may accelerate the expiry date of the Warrants upon notice to the holders.
The proceeds of the Financing will be used for working capital purposes, which may include the purchase for cancellation of a portion of the company's outstanding convertible debentures.
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