On February 10, 2017, Pinnacle Asset Management, a division of Pinnacle Wealth Brokers Inc., the Portfolio Manager of the Pinnacle Absolute Return Trust, announced the completion of a $4 million secured bridge loan, through its wholly-owned subsidiary, Pinnacle Diversified Private Income Limited Partnership, to Kontrol Energy Corp. (CSE: KNR).
Kontrol Energy used the bridge loan proceeds to complete its acquisition of Ortech Consulting Inc., a leading engineering consulting firm specializing in Green House Gas (“GHG”) reporting, air quality testing, emission testing and renewable energy/power consulting. The bridge loan has a term of six months and is secured by the assets of Kontrol Energy and of Ortech. Kontrol Energy anticipates that the bridge loan will be replaced by long-term senior secured debt financing over the next six months.
Miller Thomson advised Pinnacle Absolute Return Trust in the negotiation of this loan with a team that included Peter Dunne, David Reynolds and Shaun Parekh.