2507492 Ontario Ltd. Increases its Beneficial Ownership of Common Shares of Pinetree Capital

TORONTO, ONTARIO--(Marketwired - June 29, 2017) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

2507492 Ontario Ltd. ("TolnaiCo"), a company controlled by Peter Tolnai (the Chairman and Chief Executive Officer of Pinetree Capital Ltd. ("Pinetree") (TSX:PNP)), today purchased 2,098,912 common shares of Pinetree ("Pinetree Shares") at a subscription price of C$2.10 per Pinetree Share, representing an aggregate subscription price of C$4,407,715.20. The Pinetree Shares were acquired pursuant to the closing of a previously announced rights offering by Pinetree (the "Rights Offering"). Further information regarding the Rights Offering is contained in Pinetree's press releases dated May 12, 2017, June 23, 2017 and June 29, 2017, and Pinetree's rights offering circular dated May 12, 2017, each of which is available under Pinetree's SEDAR profile at www.sedar.com.

Prior to the Rights Offering, TolnaiCo beneficially owned 1,412,202 Pinetree Shares, representing approximately 31.2% of the then-issued and outstanding Pinetree Shares. Following the closing of the Rights Offering, TolnaiCo beneficially owned 3,511,114 Pinetree Shares, representing approximately 38.8% of the then-issued and outstanding Pinetree Shares. TolnaiCo acquired these securities for investment purposes and may increase or decrease its investment in the securities of Pinetree depending on its evaluation of Pinetree's business, prospects and financial condition, the market for Pinetree's securities, general economic and tax conditions and other factors.

This press release is being issued pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. An early warning report with additional information in respect of the foregoing matters will be filed and available on the SEDAR profile of Pinetree at www.sedar.com. To obtain a copy of the early warning report, you may contact Peter Tolnai at 416-941-9600.

TolnaiCo's head office is located at 47 Duggan Avenue, Toronto, Ontario, M4V 1Y1. Pinetree's head office is located at 34 King Street East, Suite 1100, Toronto, Ontario, M5C 2X8.