TSX: PNP     Last: 3.77     Change: -0.04
TSX: PNP     Last: 3.77     Change: -0.04

Pinetree Capital Ltd. Announces Election Of Directors

September 30, 2016

Toronto, ON, September 30, 2016 – Pinetree Capital Ltd. (TSX: PNP) (“Pinetree”) today announced the results of the election of directors at its annual general meeting held earlier today (the “Meeting”). At the Meeting, all of the nominees listed in Pinetree’s management information circular dated August 22, 2016 were elected as directors of Pinetree. Each director was elected by a majority of the shareholders present in person or by proxy at the Meeting. The results of the shares voted by proxy at the Meeting in respect of the election of each director are set out below:

Nominee Number and Percentage of Shares Voted For Number and Percentage of Shares Withheld
Ian P. Howat 1,475,609 (99.73%) 3,988 (0.27%)
Craig Miller 1,475,501 (99.72%) 4,096 (0.28%)
Howard Riback 1,475,287 (99.71%) 4,310 (0.29%)
Peter Tolnai 1,475,597 (99.73%) 4,000 (0.27%)

The complete voting results of all matters voted on at the Meeting is available on SEDAR at www.sedar.com.

About Pinetree

Pinetree is a diversified investment and merchant banking firm focused on the small cap market, with early stage investments in resource, biotechnology and technology companies.

For further information:
Peter Tolnai
Chief Executive Officer
Pinetree Capital Ltd.
Suite 1100, 34 King Street East
Toronto, ON M5C 2X8
e: peter@pinetreecapital.com
t: 416-941-9600

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