Pinetree Capital Provides Update on Convertible Debenture Debt Covenant
(firmenpresse) - TORONTO, CANADA -- (Marketwired) -- 11/24/14 -- Pinetree Capital Ltd. (TSX: PNP)(TSX: PNP.DB) ("Pinetree") announces that, further to its November 10, 2014 press release, Equity Financial Trust Company, as trustee under the convertible debenture indenture dated May 17, 2011, as supplemented by the first supplemental indenture dated December 11, 2012 and the second supplemental indenture dated September 12, 2013 (collectively, the "Indenture"), in each case, between the company and Equity Financial, which govern Pinetree's 10% convertible unsecured subordinated debentures due May 31, 2016 ("Debentures"), has given notice to Pinetree pursuant to the Indenture that the company is in default of the debt covenant which prohibits Pinetree's debt-to-assets ratio from exceeding 33% as at the end of each month. As at October 31, 2014, Pinetree's debt-to-assets ratio was 38.8%. In accordance with the Indenture, Pinetree is required to cure or obtain a waiver for the default by January 23, 2015. Failure to obtain a waiver or to cure will constitute an event of default under the Indenture.
Pinetree will continue to monitor its debt ratio, which currently remains above 33%, and will consider the alternatives available to the company to cure the default or obtain a waiver of the default from the holders of the Debentures.
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 merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the following sectors: Precious Metals, Technology and Uranium. 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.
Contacts:
Sheldon Inwentash, CPA, CA.
Chairman & CEO
Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
Pinetree Capital Ltd.
Phone: 416-643-3884
Email:
Investor Relations:
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
Pinetree Capital Ltd.
130 King Street West, Suite 250
Toronto, Ontario, Canada, M5X 2A2
Phone: 416-941-9600
Email:
Website:
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 24.11.2014 - 21:18 Uhr
Sprache: Deutsch
News-ID 355102
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, CANADA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 200 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Pinetree Capital Provides Update on Convertible Debenture Debt Covenant"
steht unter der journalistisch-redaktionellen Verantwortung von
Pinetree Capital Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
