TORONTO, ONTARIO--(Marketwired - Aug. 26, 2016) - Pinetree Capital Ltd. (TSX:PNP) ("Pinetree") today announced an update in respect of its beneficial ownership of common shares of Pitchblack Resources Ltd. ("Pitchblack"). On March 21, 2015, Pinetree's 150,000 common share purchase warrants of Pitchblack expired in accordance with their terms and ceased to exist (the "Occurrence").

Immediately prior to the Occurrence, Pinetree beneficially owned 400,000 common shares of Pitchblack, which was comprised of 250,000 common shares and 150,000 exercisable common share purchase warrants and represented approximately 12.08% of Pitchblack's issued and outstanding common shares at such time. As a result of the Occurrence, Pinetree beneficially owned 250,000 common shares of Pitchblack, representing approximately 7.55% of Pitchblack's issued and outstanding common shares at such time. As of today's date, Pinetree continues to beneficially own 250,000 common shares of Pitchblack. As a result, however, of certain subsequent equity issuances by Pitchblack in which Pinetree did not participate, Pinetree currently beneficially owns approximately 5.4% of Pitchblack's issued and outstanding common shares.

In the future, Pinetree may from time to time acquire or dispose ownership of, or control or direction over, securities of Pitchblack for investment purposes.

This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR profile of Pitchblack at www.sedar.com. To obtain a copy of the early warning report, you may also contact Peter Tolnai, the Chief Executive Officer of Pinetree, at 416-941-9600. As a result of the Occurrence, Pinetree's ownership of common shares of Pitchblack is now below the reporting threshold prescribed by applicable securities laws.

About Pinetree

Pinetree is a diversified investment and merchant banking firm focused on the small cap market, with early stage investments in resource, biotechnology and technology companies. Pinetree's shares are listed on the Toronto Stock Exchange under the symbol "PNP".