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| Home : Pinetree Capital Announces Update on Convertible Debenture Debt Covenant |
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Jul 16
2013 |
Pinetree Capital Announces Update on Convertible Debenture Debt Covenant |
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TORONTO, CANADA--(Marketwired - July 16, 2013) - Pinetree Capital Ltd. (TSX:PNP) ("Pinetree") announces that further to its July 12, 2013 press release, Equity Financial Trust Company, as trustee under the convertible debenture indenture dated May 17, 2011, as supplemented by the first supplemental indenture dated December 11, 2012 (together, the "Indenture"), in each case, between the company and Equity Financial, which govern Pinetree's 8% convertible unsecured subordinated debentures due May 31, 2016 ("Debentures") (TSX:PNP.DB), has given notice to Pinetree pursuant to the Indenture that the company is in default of the debt covenant which prohibits Pinetree's debt-to-assets ratio from exceeding 33% as at the end of each month. As at June 30, 2013, Pinetree's debt-to-assets ratio was 36%. In accordance with the Indenture, Pinetree is required to cure or obtain a waiver for the default by September 13, 2013. Failure to obtain a waiver or to cure will constitute an event of default under the Indenture. |
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| Source:http://www.marketwire.com/mw/release.do?id=1811560&sourceType=3 |
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