Pinetree Capital Announces Further $10 Million Partial Redemption of Convertible Debentures, Representing $20 Million Total Redemption to Date in 2015
(firmenpresse) - TORONTO, CANADA -- (Marketwired) -- 04/30/15 -- Pinetree Capital Ltd. (TSX: PNP)(TSX: PNP.DB) announces that it is again 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 indenture governing the Debentures. On June 5, 2015 (the "Redemption Date"), Pinetree will redeem $10 million of the $44.822 million aggregate principal amount of Debentures currently outstanding (after giving effect to the previously announced redemption of $10 million principal amount of Debentures completed today). 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 $1,001.3699 for each $1,000 principal amount of Debentures redeemed (less any applicable taxes required to be withheld).
Pinetree will use available cash on hand to pay the aggregate redemption amount of the Debentures.
Together with the $10 million principal amount of the Debentures which the company redeemed today, the June redemption represents a significant milestone for Pinetree and satisfies its debt reduction commitment to the holders of the Debentures contained in the parties'' forbearance agreement of February 2015, which requires that the principal amount outstanding of the Debentures be reduced by $20 million no later than July 31, 2015.
About Pinetree
Pinetree is a diversified investment and merchant banking firm focused on the small cap market, with early stage investments in resource, biotechnology and technology companies. Pinetree''s shares are listed on the Toronto Stock Exchange ("TSX") under the symbol "PNP".
Contacts:
Investor Relations:
Pinetree Capital Ltd.
Richard Patricio, LL.B.
Chief Executive Officer
416-941-9600
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 2A2
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Datum: 30.04.2015 - 06:54 Uhr
Sprache: Deutsch
News-ID 1355385
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