Pinetree Capital Ltd Announces Rights Offering

About this update from Pinetree Capital Ltd.

[{"type":"text","content":"Pinetree Capital Ltd Announces Rights OfferingTORONTO, ON / ACCESSWIRE / March 29, 2021 / Pinetree Capital Ltd. (TSX:PNP) (\"Pinetree\", \"our\" or \"we\") today announced that it will be issuing rights to holders of its common shares (the \"Common Shares\") of record as at the close of business on April 6, 2021 (the \"Record Date\"). Each holder of Common Shares as at the Record Date and who is a resident of a province or territory of Canada (the \"Eligible Holders\") will receive one transferable right (a \"Right\") for each Common Share held. Each Right will entitle the holder to subscribe for one Common Share at a price of C$1.85 per Common Share (the \"Subscription Price\") during the exercise period (the \"Basic Subscription Privilege\").The Subscription Price is approximately equal to a 26% discount to the volume weighted average price of the Common Shares on the Toronto Stock Exchange (the \"TSX\") for the previous five trading days ending March 29, 2021. Pinetree's book value per common share as at December 31, 2020 was $2.11. The Subscription Price represents a discount of approximately 12% to the book value per common share as at December 31, 2020. A maximum of 9,420,198 Common Shares will be issued pursuant to the Rights Offering, representing 100% of the currently issued and outstanding Common Shares as of the date hereof.The Rights will be listed for trading on the TSX on a \"when issued\" basis under the symbol PNP.RT commencing at the opening of business on April 13, 2021. Trading of the Rights will cease at 12:00 p.m. (Toronto time) on May 13, 2021 (the \"Expiry Date\") and the Rights will be exercisable until 5:00 p.m. (Toronto time) on such date. After such time, any unexercised Rights will be void and of no value. Holders who fully exercise their Rights under the Basic Subscription Privilege will be entitled to subscribe for additional Common Shares (the \"Additional Subscription Privilege\"), if available as a result of any unexercised Rights on the Expiry Date, subject to certain limitations set out in Pinetree's rights offering circular.There is no standby commitment in respect of the rights offering and the completion of the rights offering is not subject to Pinetree receiving any minimum amount of subscriptions from holders.Certain insiders have advised Pinetree of their intention to participate in the r...

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