Pinetree Capital : Announces $10 Million Partial Redemption Of Convertible Debentures Due May 31, 2015
March 27, 2015 at 03:57 am IST
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Pinetree Capital Announces $10 Million Partial Redemption Of Convertible Debentures Due May 31, 2015
TORONTO, Canada (March 26, 2015) Pinetree Capital Ltd. (TSX: PNP; PNP.DB) announces that it is exercising its right to partially redeem the company's 10.0% Convertible Secured Debentures due May 31, 2016 (the "Debentures"), in accordance with the terms of the trust indenture governing the Debentures. On April 30, 2015 (the "Redemption Date"), Pinetree will redeem $10 million of the $54.822 million aggregate principal amount of Debentures currently outstanding. The Debentures will be redeemed on a pro rata basis at par, together with all accrued and unpaid interest thereon up to but excluding the Redemption Date, for a total redemption amount equal to $1,041.37 for each $1,000 principal amount of Debentures redeemed (less any applicable taxes required to be withheld).
Pinetree intends to use available cash on hand to pay the aggregate redemption amount of the Debentures.
About Pinetree
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 merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the following sectors: Precious Metals, Uranium and Technology. 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.
Pinetree Capital Ltd. is a Canada-based investment company focused on enterprise software and technology. The Company's objective is to maximize shareholder value. It invests primarily in equity, as well as debt and convertible securities. The Company holds approximately 8-12 investments, resulting in equity positions between 7% and 12% of assets (though its positions may at times reach or exceed 20%). Its subsidiaries include Pinetree (Barbados) Inc., Pinetree (Israel) Inc., Pinetree Capital Investment Corp. and Emerald Capital Corp.