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Pinetree Capital announces expiry of rights offering and details of rights exercised
Pinetree Capital announces expiry of rights offering and details of rights exercised ...
About this update from Pinetree Capital Ltd.
[{"type":"text","content":"\n\n\n\nPinetree Capital announces expiry of rights offering and details of rights exercised\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nPinetree Capital announces expiry of rights offering and details of rights exercised\nCanada NewsWire\nTORONTO, April 27, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, April 27, 2016 /CNW/ - Pinetree Capital Ltd. (TSX: \"PNP\") announces the expiry of its previously announced rights offering. All unexercised rights expired at 4:00 p.m. (Toronto time) on April 26, 2016 (the Expiry Time) and are void and of no value.  Details of the rights offering are set out in the amended and restated rights offering notice dated March 21, 2016, and the amended and restated rights offering circular dated March 21, 2016, which are available under Pinetree's profile at www.sedar.com. \n\nUnder the rights offering, 84,910,292 rights were exercised prior to the Expiry Time entitling the holders thereof to acquire an aggregate of 84,910,292 common shares of Pinetree at a subscription price of $0.025 per common share for gross proceeds to Pinetree of C$2,122,757.30.  In addition, in accordance with the terms of the rights offering, a private company controlled by Peter Tolnai, will acquire 141,220,218 common shares of Pinetree at a same subscription price of $0.025 per common share for gross proceeds to Pinetree of C$3,530,505.45 (the Tolnai Purchase).  \n\nClosing of the rights offering and the Tolnai Purchase is expected to be completed at 8:00 a.m. on April 29, 2016.  \n\nAfter issue of the common shares under the rights offering and the Tolnai Purchase, Pinetree will have 452,261,020 common shares issued and outstanding, of which the Tolnai Purchaser will hold approximately 31.2%. \n\nThe aggregate gross proceeds to Pinetree resulting from the offering and the Tolnai Purchase will be C$5,653,262.75, the net proceeds of which will be allocated to the payment of the outstanding principal amount and accrued interest...