PNP Pinetree Capital Ltd

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Pinetree Capital Ltd. (TSX:PNP) (TSX:PNP.DB) announces the renewal of the
company's normal course issuer bid (the "Bid") for its 10% convertible unsecured
subordinated debentures due May 31, 2016 ("Debentures"). Under the terms of the
Bid, which will commence on May 21, 2014 and end on May 20, 2015, the company
can purchase up to $6,043,900 principal amount of Debentures, representing 10%
of the "public float" of the Debentures that were outstanding on May 13, 2014.


Purchases of Debentures under the Bid can be made through the facilities of the
TSX and on other alternative Canadian trading systems, up to a maximum of $4,764
principal amount per day (subject to the company's ability to rely upon the
"block purchase exception" under the TSX rules), representing 25% of the average
daily trading volume of $19,056 principal amount for the past six months. All
purchases will be made at market prices and otherwise in accordance with the
rules of the TSX, and all Debentures purchased under the Bid will be cancelled.


Pinetree believes that in view of recent trading prices of the Debentures, and
depending upon prices from time to time throughout the duration of the Bid, the
purchase (for cancellation) of Debentures may represent an attractive use of
funds to reduce the company's ongoing interest expense and reduce the overall
debt outstanding at below issue cost, thereby contributing to the enhancement of
shareholder value.


As at May 13, 2014, an aggregate of $60,864,000 principal amount of Debentures
were outstanding. During the previous twelve months, Pinetree purchased an
aggregate of $6,696,000 principal amount of Debentures under its current normal
course issuer bid (the maximum amount purchasable under the bid), at a volume
weighted average price of $78.83 per $100 principal amount of Debentures. The
current bid expires on May 20, 2014. 


Pinetree has also established an automatic securities purchase plan with its
broker, which will allow for purchases of Debentures under the Bid at all times,
including periods when the company would ordinarily be precluded from doing so
due to regulatory restrictions or internal trading blackout periods (such
periods, "Blackout Periods"). The plan provides standing instructions to the
broker regarding the parameters within which purchases can be made under the Bid
during Blackout Periods, without involving the exercise of the
company's/management's discretion, and will terminate upon the earlier of: (a)
the date upon which Pinetree has acquired the maximum amount of Debentures
permitted under the Bid; (b) the expiry of the Bid; and (c) the date upon which
the plan may otherwise be terminated by the company in accordance with its
terms.


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


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
ir@pinetreecapital.com
www.pinetreecapital.com


Investor Relations:
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
416-941-9600

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