Pinetree Capital Ltd. Acquires Securities of Sphere 3D Corporation

TORONTO, CANADA--(Marketwired - April 28, 2014) - Pinetree Capital Ltd. (TSX:PNP), announces that through a series of transactions that ending on April 25, 2014, it acquired ownership of 175,500 common shares ("Common Shares") of Sphere 3D Corporation ("Sphere") representing approximately 0.08% of the total issued and outstanding common shares of Sphere as of April 25, 2014. As a result of this transaction, Pinetree and its joint actors collectively held, as at April 25, 2014, an aggregate of 2,551,000 common shares of Sphere, including the Common Shares, and rights to acquire an additional 300,000 common shares of Sphere upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 1,581,000 common shares, including the Common Shares, and 250,000 of the Convertible Securities directly (the "Pinetree Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 2,851,100 common shares of Sphere, or approximately 12.1% of all issued and outstanding common shares as at April 25, 2014, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 1,831,000 common shares of Sphere, or approximately 7.8% of all issued and outstanding common shares as at April 25, 2014, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Sphere depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP". Pinetree is a diversified investment and venture capital firm focused on the small cap market. Pinetree's investments are primarily in the Precious Metals, Uranium and Technology sectors. Pinetree's investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities. Pinetree is recognized as a value-added partner.