Investors

Pinetree Capital Ltd. Acquires Securities Of Terreno Resources Corp.

TORONTO, Canada (August 12, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that on August 11, 2011, it acquired ownership of 2,000,000 common shares (“Common Shares”) and 1,000,000 common share purchase warrants (the “Warrants”) of Terreno Resources Corp. (“Terreno”).  Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.25 until August 11, 2013.  In the event that the Warrants are fully exercised, these holdings represent approximately 5.2% of the total issued and outstanding common shares of Terreno as of August 11, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree and its joint actors collectively held, as at August 11, 2011, an aggregate of 13,434,834 common shares of Terreno, including the Common Shares and rights to acquire an additional 5,583,334 common shares of Terreno upon exercise of certain convertible securities (the “Convertible Securities”), including the Warrants.  Of these totals, Pinetree owns 9,234,834 common shares, including the Common Shares and 3,333,334 of the Convertible Securities, including the Warrants (the “Pinetree Convertible Securities”) directly.  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 19,018,168 common shares of Terreno, or approximately 30.5% of all issued and outstanding common shares as at August 11, 2011, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 12,568,168 common shares of Terreno, or approximately 20.9% of all issued and outstanding common shares as at August 11, 2011, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Terreno depending on market conditions or any other relevant factor.

About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”. Pinetree is a diversified investment and venture capital firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Uranium and Coal, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths. Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities and is recognized as a value added partner in the resource industry. 

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.