Pinetree Capital Ltd. Announces Unaudited October 31, 2015 Net Asset Value Per Share of $0.13

TORONTO, CANADA--(Marketwired - Nov. 13, 2015) - Pinetree Capital Ltd. (TSX:PNP) announces that as at October 31, 2015, Pinetree's unaudited net asset value per share ("NAV") was $0.13.

NAV is calculated as at a particular date and is, by its nature, historical, and may not be reflective of Pinetree's future performance.

As previously announced, Pinetree will no longer be disclosing its NAV on a monthly basis. The company will continue to disclose quarterly NAV along with its financial results.

Use of Non-GAAP Financial Measures

NAV is a non-GAAP (general accepted accounting principles) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP measure presented in Pinetree's consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.

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. Pinetree's shares are listed on the Toronto Stock Exchange ("TSX") under the symbol "PNP".