PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX:PNP) (“Pinetree” or the “Company”) announced today that Damien Leonard notified the Company that L6 Holdings Inc. (“L6”), a family holding company controlled by Damien Leonard and certain of his siblings, has entered into an automatic share purchase plan (“ASPP”) with a registered broker in Canada.

Under the terms of the ASPP, L6 will purchase up to 222,636 common shares of Pinetree at a limit price of 75% of Pinetree’s book value per share (“BVPS”) as reported in Pinetree’s then most recent Management Discussion and Analysis. The ASPP expires on the earlier of February 28, 2021 or the point at which 222,636 common shares of Pinetree have been purchased by L6.

As of this date, the most recently reported BVPS is $1.70 resulting in a maximum purchase price of $1.28 under the ASPP, excluding transaction fees. L6 owns 3,007,938 common shares of Pinetree, representing 33.25% of the outstanding common shares as of market close.

About Pinetree Capital Ltd.

Pinetree is a value-oriented investment and merchant banking company focused on the technology sector. Pinetree’s common shares are listed on the TSX under the symbol “PNP”.

For further information:John BouffardChief Financial Officer416-941-9600 x 200jbouffard@pinetreecapital.comwww.pinetreecapital.com