Pinetree Capital Ltd. Announces Closing Of $32 Million Private Placement
March 15, 2006
Sprott Asset Management purchased $15,000,003 of the financing for which a finder’s fee of $100,000 cash and 150,000 warrants was paid to Kingsdale Capital Markets Inc. The warrants entitle the holder to acquire one common share of Pinetree at a price of $9.00 for a period of 18 months following the closing of the financing. In addition, certain agents were paid a cash commission representing 5% of the aggregate subscription funds arranged through them for a total of $493,542.45.
Completion of the financing remains subject to the final approval of the TSX.
Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.
Investor Relations Contact for Pinetree Capital Ltd.:
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.