Pine Trail Capital Trust Announces SEDAR Filing of Filing Statement and Closing of Private Placement

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PINE TRAIL CAPITAL TRUST (“Pine Trail” or the “Trust”) (TSXV: PINE.P), a capital pool company, is pleased to announce that a filing statement (the “Filing Statement”) prepared in accordance with the requirements of the TSX Venture Exchange (the “TSXV”) in connection with the previously announced acquisition (the “Acquisition”) of a medical office building located in Picton, Ontario (the “Property”), as disclosed on May 16, 2018, has been filed under Pine Trail’s profile on SEDAR and is available at

In addition, the Trust has completed the first tranche of a non-brokered private placement offering of units of the Trust for aggregate gross proceeds of approximately $2 million. The Trust paid a 5% commission to a registered dealer in connection with a portion of the private placement. The Trust expects to completed a second tranche of the private placement is expected to close early next week. The net proceeds of the private placement, together with cash on hand will be used to complete the Acquisition. The Acquisition is scheduled to close on November 6, 2018. Closing of the Acquisition is subject closing conditions customary to a transaction this nature, including those described in the Filing Statement.

The Acquisition is the Trust’s Qualifying Transaction (as such term is defined by the polices of the TSXV). In connection with the closing of the Acquisition the Trust will no longer be a capital pool company, will change its name to Pine Trail Real Estate Investment Trust (“Pine Trail REIT“) and will convert into an open ended real estate investment trust. Further information on Pine Trail REIT, the issuer resulting from the Qualifying Transaction, is disclosed in the Filing Statement. Trading in units of Pine Trail REIT is expected to commence on the TSXV shortly after the closing of the Acquisition, and following the issuance by the TSXV of its final bulletin in respect of the Acquisition, but in any event not earlier than November 14, 2018 in accordance with the policies of the TSXV.


David Luu, CFO and Corporate Secretary
Phone: (416) 583-5513

This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as plans”, “expects”, “does not expect”, “is expected”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Trust to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include statements concerning the terms and completion of the Acquisition, the timing of the Acquisition, the name change of the Trust and the timing for resumption of trading in units of Pine Trail REIT. Accordingly, readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the Trust. The forward-looking statements contained in this press release are made as of the date of this press release, and Pine Trail does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law. 

Completion of the Acquisition is subject to a number of conditions, including but not limited to, TSXV acceptance. There can be no assurance that the Acquisition will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to such transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.