Pinetree Capital extends forbearance deadline to Feb. 6
Ticker Symbol: C:PNP

Pinetree Capital extends forbearance deadline to Feb. 6

Pinetree Capital Ltd (C:PNP)
Shares Issued 201,929,155
Last Close 1/30/2015 $0.075
Monday February 02 2015 - News Release

Mr. Gerry Feldman reports

PINETREE CAPITAL LTD. ANNOUNCES EXTENSION TO TERM SHEET WITH SUPPORTING DEBENTUREHOLDERS

Pinetree Capital Ltd. and certain holders of its 10-per-cent convertible unsecured subordinated debentures due May 31, 2016, have agreed to extend the deadline for the completion of a forbearance agreement and related matters set out in their previously announced term sheet, from Jan. 30, 2015, to Feb. 6, 2015. Additionally, until the earlier of the execution of the forbearance agreement and Feb. 6, 2015, the supporting debentureholders will not exercise any rights or remedies that they may have under the indenture governing the debentures, or otherwise, in respect of the existing event of default under the indenture (which arose from the breach of one of the company's debt covenants), and will direct the trustee to cancel any declaration that may be made by the trustee that the principal of and interest on the debentures is due and payable in connection with the event of default.