TORONTO, Jan. 25, 2018 (GLOBE NEWSWIRE) -- Pinetree Capital Ltd. (TSX:PNP) (“Pinetree”) today announced that on January 25, 2018 it sold 12,000,000 common shares of Augusta Industries Inc. (TSXV:AAO) (“Augusta”) at prices of C$0.03 per share (11,946,000 shares) and C$0.0325 per share (54,000 shares), for an aggregate sale price of C$360,135 (the “Transaction”). The Transaction was completed through the facilities of the TSX Venture Exchange (1,252,700 shares) and TriAct Canada Marketplace (10,747,300 shares).
Prior to the Transaction, Pinetree beneficially owned 37,500,000 common shares of Augusta, representing approximately 14.64% of Augusta’s issued and outstanding common shares. As a result of the Transaction, Pinetree now beneficially owns 25,500,000 common shares of Augusta, representing approximately 9.96% of Augusta’s issued and outstanding common shares.
In the future, Pinetree may from time to time acquire or dispose ownership of, or control or direction over, additional securities of Augusta for investment purposes.
This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR profile of Augusta at www.sedar.com. To obtain a copy of the early warning report, you may also contact Damien Leonard, the Chief Executive Officer of Pinetree at 416-941-9600. As a result of the Transaction, Pinetree’s ownership of common shares of Augusta is now below the reporting threshold prescribed by applicable securities laws.
Pinetree is a diversified investment and merchant banking firm focused on the small cap market, with early stage investments in technology and resource companies. Pinetree’s shares are listed on the Toronto Stock Exchange under the symbol “PNP”.
Chief Executive Officer
Pinetree Capital Ltd.
Suite 1100, 34 King Street East
Toronto, ON M5C 2X8