PNP Pinetree Capital Ltd

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 April 17, 2019 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 ofShares voted For	Number and Percentage ofShares Withheld
Ian P. Howat	4,527,332 (98.13%)	86,292 (1.87%)
Damien Leonard	4,428,331 (95.98%)	185,293 (4.02%)
Craig Miller	4,527,422 (98.13%)	86,202 (1.87%)
Howard Riback	4,527,322 (98.13%)	86,302 (1.87%)
Peter Tolnai	4,508,585 (97.72%)	105,039 (2.28%)

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

About Pinetree Capital Ltd.

Pinetree is a diversified investment and merchant banking firm focused on the small cap market, with early stage investments in technology, and resource companies. Pinetree’s common shares are listed on the Toronto Stock Exchange (TSX) under the symbol “PNP”.

For further information:

Damien LeonardChief Executive Officer416-941-9600ir@pinetreecapital.comwww.pinetreecapital.com