Pinetree arranges line of credit with Inwentash

Pinetree Capital Ltd. has arranged a one-year, fixed-term, secured, standby line of credit for $25-million, provided by its chief executive officer, Sheldon Inwentash. The line bears interest at a rate of 1 per cent per month on amounts drawn, has a standby fee of 0.25 per cent per year on any unused portion and is secured by the company's assets (subordinate to existing creditors). The maximum amount of the line may be reduced at any time in the company's sole discretion.

The line replaces an existing demand credit facility provided by Mr. Inwentash. The balance of approximately $22-million outstanding under the demand facility has been transferred to the line.

"I am pleased to provide continued support to Pinetree so that we remain strong through these challenging economic times," stated Sheldon Inwentash, chief executive officer.

"This facility provides Pinetree with guaranteed access to credit at reasonable terms, which will allow us to continue to pursue opportunities as they arise," stated Larry Goldberg, Pinetree's executive vice-president and chief financial officer. "Access to credit is still very constrained and we are pleased to have this facility in place."