Pinetree Capital Ltd. Acquires Securities Of
Sphere 3D Corporation
TORONTO, Canada (October 31, 2014) Pinetree Capital Ltd. (TSX: PNP), announces that on October 31, 2014, it acquired ownership of 32,700 common shares (“Common Shares”) of Sphere 3D Corporation (“Sphere”) representing approximately 0.1% of the total issued and outstanding common shares of Sphere as of October 31, 2014. As a result of this transaction, Pinetree and its joint actors collectively held, as at October 31, 2014, an aggregate of 3,168,050 common shares of Sphere, including the Common Shares, and rights to acquire an additional 378,750 common shares of Sphere upon exercise of certain convertible securities (the “Convertible Securities”). Of these totals, Pinetree owns 2,145,450 common shares, including the Common Shares, and 302,500 of the Convertible Securities directly (the “Pinetree Convertible Securities”). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 3,546,800 common shares of Sphere, or approximately 14.0% of all issued and outstanding common shares as at October 31, 2014, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 2,447,950 common shares of Sphere, or approximately 9.7% of all issued and outstanding common shares as at October 31, 2014, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Sphere depending on market conditions or any other relevant factor.
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, 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.
|Sheldon Inwentash, CPA, CA.
||Richard Patricio, LL.B.
|Chairman & CEO
||Vice President, Legal and Corporate Affairs
|Pinetree Capital Ltd.
||Pinetree Capital Ltd.
||130 King Street West, Suite 250
|Gerry Feldman, CPA, CA.
||Toronto, Ontario, Canada, M5X 2A2
|CFO & Vice President, Corporate Development