Pinetree Capital Ltd. Acquires Securities of Sphere 3D Corporation
April 28 2014 - 9:00AM
Marketwired
Pinetree Capital Ltd. Acquires Securities of Sphere 3D Corporation
TORONTO, CANADA--(Marketwired - Apr 28, 2014) - Pinetree Capital
Ltd. (TSX:PNP), announces that through a series of transactions
that ending on April 25, 2014, it acquired ownership of 175,500
common shares ("Common Shares") of Sphere 3D Corporation ("Sphere")
representing approximately 0.08% of the total issued and
outstanding common shares of Sphere as of April 25, 2014. As a
result of this transaction, Pinetree and its joint actors
collectively held, as at April 25, 2014, an aggregate of 2,551,000
common shares of Sphere, including the Common Shares, and rights to
acquire an additional 300,000 common shares of Sphere upon exercise
of certain convertible securities (the "Convertible Securities").
Of these totals, Pinetree owns 1,581,000 common shares, including
the Common Shares, and 250,000 of the Convertible Securities
directly (the "Pinetree Convertible Securities"). In the event that
the Convertible Securities are fully exercised, the holdings of
Pinetree and its joint actors represents a total of 2,851,100
common shares of Sphere, or approximately 12.1% of all issued and
outstanding common shares as at April 25, 2014, calculated on a
partially diluted basis assuming the exercise of the Convertible
Securities only. In the event that the Pinetree Convertible
Securities are fully exercised, the direct holdings of Pinetree
represents a total of 1,831,000 common shares of Sphere, or
approximately 7.8% of all issued and outstanding common shares as
at April 25, 2014, calculated on a partially diluted basis assuming
the exercise of the Convertible Securities only.
These transactions were made for investment purposes and
Pinetree or its joint actors could increase or decrease their
investment in Sphere depending on market conditions or any other
relevant factor.
About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the
laws of the Province of Ontario and its shares are publicly-traded
on the Toronto Stock Exchange ("TSX") under the symbol "PNP".
Pinetree is a diversified investment and venture capital firm
focused on the small cap market. Pinetree's investments are
primarily in the Precious Metals, Uranium and Technology sectors.
Pinetree's investment approach is to develop a macro view of a
sector, build a position consistent with the view by identifying
micro-cap opportunities within that sector, and devise an exit
strategy designed to maximize our relative return in light of
changing fundamentals and opportunities. Pinetree is recognized as
a value-added partner.
Pinetree Capital Ltd.Sheldon Inwentash, CPA, CA.Chairman &
CEO416-941-9600Pinetree Capital Ltd.Gerry Feldman, CPA, CA.CFO
& Vice President, Corporate Development416-941-9600Investor
Relations:Pinetree Capital Ltd.Richard Patricio, LL.B.Vice
President, Legal and Corporate Affairs416-941-9600Pinetree Capital
Ltd.130 King Street West, Suite 250Toronto, Ontario, Canada, M5X
2A2www.pinetreecapital.com
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