Mr. Gerry Feldman reports

PINETREE CAPITAL ANNOUNCES $10 MILLION PARTIAL REDEMPTION OF CONVERTIBLE DEBENTURES DUE MAY 31, 2016

Pinetree Capital Ltd. is exercising its right to partially redeem the company's 10-per-cent convertible secured debentures due May 31, 2016, in accordance with the terms of the trust indenture governing the debentures. On April 30, 2015, Pinetree will redeem $10-million of the $54,822,000 aggregate principal amount of debentures currently outstanding. The debentures will be redeemed on a pro rata basis at par, together with all accrued and unpaid interest thereon, up to but excluding the redemption date, for a total redemption amount equal to $1,041.37 for each $1,000 principal amount of debentures redeemed (less any applicable taxes required to be withheld).

Pinetree intends to use available cash on hand to pay the aggregate redemption amount of the debentures.