Pinetree Capital Announces Expiry of Exercise Period of Rights Offering

TORONTO, ONTARIO--(Marketwired - June 23, 2017) -

NOT FOR DISTRIBUTION TO ANY UNITED STATES NEWSWIRE SERVICES OR OTHERWISE FOR DISTRIBUTION IN THE UNITED STATES

Pinetree Capital Ltd. (TSX:PNP) ("Pinetree") today announced the expiry of the exercise period in respect of its previously announced rights offering. All unexercised rights expired at 5:00 p.m. (Toronto time) on June 22, 2017 (the "Expiry Time") and are now void and of no value.

The rights offering was over-subscribed and will result in the issuance of 4,522,599 common shares of Pinetree ("Common Shares"), representing 100% of the currently issued and outstanding Common Shares. On closing, Pinetree expects to receive gross offering proceeds of approximately C$9,497,458 million, the net proceeds of which will be used by Pinetree to fund the acquisition of additional portfolio investments. Closing of the rights offering is expected to be completed on or about June 29, 2017.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the "United States" (as defined in Regulation S under the U.S. Securities Act). This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities within the United States, and the securities offered may not be offered or sold in or into the United States unless registered under the U.S. Securities Act and applicable state securities laws, or pursuant to an exemption from such registration requirements as described herein.

Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or courses of action, or our future performance. Often, but not always, forward-looking statements can be identified by the use of words such as "anticipate", "plan", "estimate", "expect", "forecast", "may", "will", "project", "potential", "intend", "could", "might", "should", "believe" and other similar terminology (including negative variations) suggesting future outcomes or statements regarding an outlook.

By their nature, forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The assumptions that were made in support of the forward-looking statements contained herein, while considered reasonable by management at the time, are inherently subject to uncertainties and no assurance can be given that these assumptions will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements contained herein.

Some of the risks, uncertainties and other factors which could cause events to differ materially from those expressed in the forward-looking statements contained herein include, but are not limited to the outcome of the rights offering, the delay of completion or failure to complete the rights offering and the expected use of proceeds of the rights offering.

The forward-looking statements contained herein are made as at the date hereof and, except as may be required by law, we assume no obligation to update or revise them to reflect new events or circumstances. All forward-looking statements contained herein are expressly qualified by this cautionary statement.

About Pinetree

Pinetree is an investment and merchant banking firm focused on the small cap market, with investments in technology and resource companies.