1388369 Ontario Inc., a family holding company owned by Damien Leonard, COO of Pinetree Capital Ltd. (TSX: PNP), and his siblings, has acquired 2,808,891 common shares of Pinetree Capital from 2507492 Ontario Ltd., a holding company wholly owned by Peter Tolnai, Pinetree Capital Chairman and former CEO, at $2.23 per Pinetree share for an aggregate purchase price of $6,263,826.93.
Prior to the share sale, Tolnai held beneficial ownership of approximately 38.8% of the issued and outstanding Pinetree shares. Following the share sale, Tolnai beneficially owns approximately 7.8% of the Pinetree shares.
Following the share sale, 1388369 Ontario beneficially owns approximately 31.1% of the issued and outstanding Pinetree Shares. 1388369 Ontario did not own any Pinetree shares previously.
In connection with the share sale, Tolnai has resigned as CEO of Pinetree effective as of the close of business today. The board of directors of Pinetree has appointed Leonard as a director of Pinetree and as its new CEO. Tolnai will continue to serve as Chairman of the board of directors of Pinetree.
Leonard was appointed COO of Pinetree Capital on November 1, 2016. Leonard has been the managing director of a Toronto based family office, since 2011. Leonard holds an honours degree in Physical Science with a major in Physics from the University of Guelph.