Pinnacle Renewable Holdings and ONCAP complete C$57.6 million secondary offering of common shares

On June 26, 2018, Pinnacle Renewable Holdings Inc. ("Pinnacle") announced the closing of a previously announced secondary offering by ONCAP II L.P., ONCAP (US) II L.P., ONCAP (US) II-A L.P., Onex Parallel Investment (ONCAP) L.P., Biomass EI Ltd. (collectively, the "ONCAP Entities"), Jim Swaan Holdings Inc. and Rob Swaan Holdings Inc. (together with the ONCAP Entities, the "Selling Shareholders") of an aggregate of 4,186,000 common shares of Pinnacle (includes 546,000 common shares which were sold to the underwriters by the Selling Shareholders upon the exercise in full of an over-allotment option) at a price of C$13.75 per common share for total gross proceeds of C$57,557,500. Pinnacle did not receive any proceeds from the offering.

The offering was co-led by CIBC Capital Markets and RBC Capital Markets, together with Scotiabank and BMO Capital Markets, as joint bookrunners, and National Bank Financial Inc., GMP Securities L.P., Raymond James Ltd. and HSBC Securities (Canada) Inc.

Immediately prior to the closing of the offering, collectively, the ONCAP Entities owned or controlled (directly or indirectly) an aggregate of 14,112,787 common shares, representing approximately 42.8% of Pinnacle's issued and outstanding common shares. Immediately following the closing, the ONCAP Entities own or control approximately 31.6% of the issued and outstanding common shares.

Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world.

Further information can be found on Canada Newswire's website.