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TORONTO, CANADA--(Marketwired - Nov. 10, 2014) - Pinetree Capital Ltd. (TSX:PNP) ("Pinetree") announces that, as at October 31, 2014, it was not in compliance with one of the debt covenants contained in the convertible debenture indenture dated May 17, 2011, as supplemented by the first and second supplemental indenture dated December 11, 2012 and September 12, 2013, respectively, in each case, between the company and Equity Financial Trust Company, as trustee, which govern Pinetree's 10% convertible unsecured subordinated debentures due May 31, 2016 ("Debentures") (TSX:PNP.DB). The debt covenant at issue prohibits the company's debt from exceeding 33% of the total value of its assets, as reflected on its (unaudited) consolidated balance sheet as at the last day of each month. As at October 31, 2014, Pinetree's debt-to-assets ratio was 38.8%. |
