Pinetree Capital

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Pinetree was incorporated under the laws of the Province of Ontario and its shares are publicly traded on the Toronto Stock Exchange (the “TSX”) under the symbol “PNP”. Pinetree is a diversified investment, financial advisory and merchant banking firm focused on the small-cap market. Pinetree’s investments are primarily in the following resource sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. As well, Pinetree has investments in the Biotechnology, Energy Related Technology, 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.

History

In 1992, Pinetree was founded by Sheldon Inwentash to be a venture investor in early stage, emerging technology companies. It was initially capitalized with approximately $4 million in order to acquire a 30% stake in a Montreal-based biotechnology company called BioSignal Inc. which was subsequently acquired by Perkin Elmer.
In 1994, Mr. Inwentash founded Genevest Inc. to be a venture investor in early stage, emerging biotechnology companies. Its initial capitalization was also about $4 million, and that money was used to start Visible Genetics Inc. (“VGI”). VGI was the world’s first company specializing in pharmacogenomics, went public on NASDAQ in 1996, had a peak market value of over US$1 billion and was eventually sold to Bayer. Genevest’s profits on this investment totaled over $35 million.
From the mid-1990s to 2004, Pinetree specialized in early stage technology investing while Genevest focused on early stage biotechnology investing. Both companies thrived in these arenas, which require a long term view and excellent vision.
In 2001, both companies emerged intact and strong after the bursting of the tech bubble
In 2003, we began to change our investment focus to the resources sector, primarily precious metals and commodities
In 2004, we began to target our investments towards energy related companies, including uranium, oil & gas and some energy related technologies
In 2004 we merged Pinetree and Genevest to create a pool of investment capital of over $80 million at the time.
In 2004 we invested in PowerOne Capital Markets Limited, an Ontario Limited Market Dealer that provides advisory and capital raising services to small cap companies.
In 2005, the Fair Value of Pinetree's investments surpassed $100 million for the first time.
In early 2006, raised $66.5 million of new equity, Pinetree's first significant financing since its founding in 1992.
In 2006, Pinetree ranked 5th out of 300 small-cap companies by Canadian Business Magazine for total 1 year return.