I've been informed that pinetree cured their debt problem. The article I posted was irrelevant because pinetree was able to increase their debt rule from 33% to 50% for 9 months. So 9 months from the Sept vote referenced in the article would be June 2014. Curiously the shares from the $5 million private placement come out of a 4
Month hold in June 2014. Must be a coinidence.
Aug 21, 2013 news release
http://www.pinetreecapital.com/investors/news_releases/index.php?&content_id=639
Even though Pinetree has cured its default, it intends to proceed with the extraordinary meeting of holders of the Debentures to be held on September 12, 2013, for the purpose of approving certain amendments to the Debentures, including an amendment to temporarily increase the debt-to-assets ratio threshold to 50% from the current 33% limit, for a period of 9 months. If the proposed amendments are approved at the meeting, or in writing in advance of the meeting, holders of Debentures who vote in favour of the amendments will be entitled to receive payment of a consent fee from the company. Debenture holders should refer to the materials mailed to them this week in respect of the meeting (and available at www.sedar.com under Pinetree’s corporate profile) for details of the proposed amendments and procedures in respect of voting and payment of the consent fee.
