Source: Gowling WLG (Canada) LLP

Early Warning News Release

TORONTO, ONTARIO--(Marketwired - May 2, 2016) - 2507492 Ontario Ltd. ("250 Ontario"), a company controlled by Mr. Peter Tolnai, has acquired 141,220,218 common shares of Pinetree Capital Ltd. (TSX:PNP) ("Pinetree Shares") at a subscription price of $0.025 per common share for gross proceeds of $3,530,505 pursuant to a standby purchase agreement entered into between Pinetree Capital Ltd. ("Pinetree") and 250 Ontario dated March 9, 2016. 250 Ontario acquired the Pinetree Shares for investment purposes and may, depending on market and other conditions, increase or decrease its beneficial ownership of the Pinetree Shares or other securities of Pinetree. Following the acquisition of the Pinetree Shares 250 Ontario holds approximately 31.2% of the issued and outstanding common shares of Pinetree.

250 Ontario acquired the Pinetree Shares in reliance on the Rights Offering - stand-by commitment exemption pursuant to section 2.1.1 of National Instrument 45-106 Prospectus Exemptions.

An early warning report with additional information in respect of the foregoing matters will be filed to, and will be available on the SEDAR profile of Pinetree Capital Ltd. at To obtain a copy of the early warning report you may contact Mr. Peter Tolnai at 416-941-9600.

Contact Information:

Mr. Peter Tolnai