PINH.P Pinehurst Capital II Inc

Pinehurst Capital II Inc. (TSXV: PINH.P) (the "Corporation"), a capital pool company listed on the TSX Venture Exchange ("TSXV"), announces the termination of its proposed arm’s length qualifying transaction with Alliant Gold Corp. (formerly 1252201 B.C. Ltd.), previously announced on September 11, 2020, which was intended to constitute the Corporation's "Qualifying Transaction" as such term is defined in TSXV Policy 2.4. The Corporation will continue to pursue and evaluate other businesses and assets with a view to completing a Qualifying Transaction and will make further announcements with respect to these efforts as soon as practically possible and, in the interim, will apply to the TSXV to reinstate trading of the Corporation's common shares.

About Pinehurst

Pinehurst is a capital pool company and its common shares are listed for trading on the TSXV under the symbol "PINH.P".

For further information, please contact:

David Rosenkrantz Pinehurst Capital II Inc., CEO e: drosenkrantz@patica.ca p: 416-865-0123

The TSXV has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.