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Business and Finance
Mon, April 8, 2013
Sun, April 7, 2013
Sat, April 6, 2013
Fri, April 5, 2013 Pinetree Capital Announces Amendment to Normal Course Issuer Bid for Convertible Debentures
April 05, 2013 11:40 ET
Pinetree Capital Announces Amendment to Normal Course Issuer Bid for Convertible Debentures
TORONTO, CANADA--(Marketwired - April 5, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Pinetree Capital Ltd. (TSX:PNP) announces that it has amended the terms of its normal course issuer bid (the "Bid") for the company's 8% convertible unsecured subordinated debentures due May 31, 2016 ("Debentures") (TSX: "PNP.DB"), to increase the amount of Debentures that it can purchase under the Bid from $3,750,000 principal amount to $7,440,000 principal amount. The increased amount represents 10% of the "public float" of the Debentures that were outstanding at the commencement of the Bid on May 18, 2012.
Purchases of Debentures can be made under the Bid through the facilities of the TSX and on other alternative Canadian trading systems, up to a maximum of $28,293 principal amount per day (subject to the company's ability to rely upon the "block purchase exception" under the TSX rules). All purchases will be made at market prices and otherwise in accordance with the rules of the TSX, and all Debentures purchased under the Bid will be cancelled. To date, Pinetree has purchased an aggregate of $2,948,000 principal amount of Debentures under the Bid at a volume weighted average price of $79.59 per $100 principal amount of Debentures. The Bid expires on May 17, 2013.
About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP". Pinetree is a diversified investment and venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. Pinetree's investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities. Pinetree is recognized as a value-added partner in the resource industry.
