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PINETREE CAPITAL LTD ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED SEPTEMBER 30 , 2021 - TORONTO , ONTARIO ( November 5 , 2021 ) – Pinetree Capital Ltd. ( TSX : PNP ) ( " Pinetree " or the " Company " ) today announced its financial results for the three and nine months ended September 30 , 2021. All financial information provided in this press release is unaudited and all figures are in $ ' 000 except per share amounts and shares outstanding . Unaudited financial results for the period ended September 30 , 2021 The following information should be read in conjunction with our annual audited Consolidated Financial Statements , prepared in accordance with International Financial Reporting Standards ( " IFRS ” ) and our annual Management Discussion and Analysis for the year ended December 31 , 2020 , which can be found on SEDAR at www.sedar.com . Selected Financial Information Shares outstanding Total assets Total liabilities Book Value Book Value per share ( BVPS ) As at September 30 , 2021 $ 38,865 318 38,547 9,387,000 $ 4.11 As at December 31 , 2020 $ 19,484 383 19,101 9,045,198 $ 2.11 Shares Outstanding Equity Book Value per share Quarterly ( BVPS ) 1 Quarterly Expenses Expenses as % of BV1 $ 000's $ ' 000's % Sep - 30-21 9,387,000 38,547 4.11 263 0.7 Jun - 30-21 18,840,396 39,480 2.10 231 0.5 Mar - 31-21 9,420,198 21,904 2.33 216 1.0 Dec - 31-20 9,045,198 19,101 2.11 132 0.7 Sep - 30-20 9,045,198 16,493 1.82 114 0.7 Jun - 30-20 9,045,198 15,399 1.70 121 0.8 Mar - 31-20 9,045,198 15,540 1.72 61 0.4 Dec - 31-19 9,045,198 17,898 1.98 191 1.0 1 Refer to " Use of Non - IFRS Financial Measures " Shares Outstanding and Equity amounts are as at the Quarter End date Quarterly Expenses amounts are for the Three months ending the Quarter End date As at September 30 , 2021 , Pinetree's equity was $ 38,547 which compares to $ 19,101 as at December 31 , 2020. The increase came primarily from the closing of a financing during the year as described below . As at September 30 , 2021 , the Company held investments at fair value totaling $ 25,239 , which represented 65 % of book value . This compares to investments at fair value of $ 16,493 representing 86 % of book value as at December 31 , 2020 . Pinetree's BVPS at September 30 , 2021 was $ 4.11 as compared to $ 2.11 as at December 31 , 2020. The increase was primarily due to the share consolidation and split as described below . Excluding the effects of the consolidation , Pinetree's BVPS would have been approximately $ 2.06 which represents a 2 % decline relative to last quarter . On July 12 , 2021 the Company completed a 100 to 1 share consolidation of its common shares followed immediately by a 1 to 50 share split announced on March 29 , 2021 and approved by shareholders at the Annual and Special Meeting on June 30 , 2021. Shareholders who held less than 100 common shares at the close of business on July 9 , 2021 received a cash payment in exchange for their common shares equal to