PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX:PNP) announces that its board of directors has
approved a new by-law which replaces the company's previous by-laws. The new
by-law is intended to modernize certain of the company's practices and
procedures, in light of amendments to the Business Corporations Act (Ontario)
("OBCA") and the evolution of governance practices since the early 1990's when
the previous by-laws were made.


The new by-law includes the addition of advance notice provisions for
nominations of directors by shareholders in circumstances other than pursuant to
a requisition of a meeting or a shareholder proposal made pursuant to the
provisions of the OBCA. 


Among other things, the advance notice provisions fix a deadline by which
shareholders must submit director nominations to Pinetree prior to an annual or
special meeting of shareholders and set out the information that a shareholder
must include in the notice to the company. 


In the case of an annual meeting of shareholders, notice to the company must be
provided not less than 30 days and not more than 65 days prior to the date of
the annual meeting; provided that if the annual meeting is called for a date
that is less than 50 days after the date on which the first public announcement
of the date of the annual meeting was made, notice may be made not later than
the close of business on the 10th day following the public announcement. 


In the case of a special meeting of shareholders (which is not also an annual
meeting but has been called for the purpose of electing directors, among other
purposes, if applicable), notice to the company must be provided no later than
the close of business on the 15th day following the day on which the first
public announcement of the date of the special meeting was made. 


The advance notice provisions are intended to provide a clear process for
shareholders to follow for director nominations and set out a reasonable time
frame for the submissions of nominees and the accompanying information. The
provisions will help to ensure that all shareholders receive adequate notice of
the nominations to be considered at a meeting and can thereby exercise their
voting rights in an informed manner. The provisions are similar to the advance
notice by-laws adopted by many other Canadian public companies. 


The new by-law is effective immediately but is subject to confirmation by our
shareholders at the annual and special shareholder meeting to be held on June 5,
2014. The full text of the new by-law is available under Pinetree's profile at
www.sedar.com.


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 merchant banking firm focused on the small cap market. Pinetree's
investments are primarily in the following sectors: Precious Metals, Uranium and
Technology. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pinetree Capital Ltd.
Sheldon Inwentash, CPA, CA.
Chairman & CEO
416-941-9600


Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
416-643-3884
feldman@pinetreecapital.com


Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 2A2
www.pinetreecapital.com


Investor Relations:
Pinetree Capital Ltd.
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
416-941-9600
ir@pinetreecapital.com

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