Subject: BOARD OF DIRECTORS
Pinetree Capital Announces Election of Directors and Expiry of Shareholder Rights Plan
TORONTO, ONTARIO--(Marketwired - April 21, 2017) -
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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 March 8, 2017 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 of Shares Voted For | Number and Percentage of Shares Withheld | ||
| Ian P. Howat | 1,798,223 (97.52%) | 45,722 (2.48%) | ||
| Craig Miller | 1,798,089 (97.51%) | 45,856 (2.49%) | ||
| Howard Riback | 1,798,030 (97.51%) | 45,915 (2.49%) | ||
| Peter Tolnai | 1,798,949 (97.56%) | 44,996 (2.44%) |
The complete voting results of all matters voted on at the Meeting is available on SEDAR at www.sedar.com.
EXPIRY OF SHAREHOLDER RIGHTS PLAN
Pinetree also announced today that its shareholder rights plan (the "Rights Plan") has expired in accordance with its terms. The Rights Plan was originally implemented to provide shareholders and the board of directors adequate time to consider and evaluate any unsolicited take-over bid made for Pinetree, to provide the board of directors adequate time to identify, develop and negotiate value-enhancing alternatives and to ensure that any proposed transaction is in the best interests of Pinetree's shareholders. In light of recent amendments to Canadian securities legislation applicable to take-over bids designed to achieve these objectives without a rights plan, the board of directors concluded that the Rights Plan was no longer necessary. The board of director's decision was not made in response to or in anticipation of any pending or threatened take-over bid. If in the future the board of directors believes it is in the best interests of Pinetree to adopt a shareholder rights plan either generally or in response to a particular take-over bid, Pinetree can adopt a new plan at that time.
About Pinetree
Pinetree is an investment and merchant banking firm focused on the small cap market, with investments in technology and resource companies.
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