Pinetree Capital Ltd. To Increase Financing To $32,000,400

March 3, 2006

TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announced today that it has increased its proposed non-brokered financing to 3,555,600 common shares at a price of $9.00 per common share for aggregate gross proceeds of $32,000,400.  All of the other terms of the proposed financing described in the March 2, 2006 release remain the same.  Completion of the financing remains subject to TSX approval.

The financing is expected to close by March 14, 2006.

About Pinetree

Pinetree Capital Ltd. is a publicly traded, diversified investment, financial advisory and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the following resource sectors:  Oil & Gas, Uranium, Precious Metals, Base Metals.  As well, Pinetree has investments in the Biotechnology and Technology sectors. 

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

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

Investor Relations Contact for Pinetree Capital Ltd.:

Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd. 

130 King Street West, Suite 2810

Toronto, Ontario, Canada, M5X 1A9
416-941-9600
Email: ir@pinetreecapital.com
Web Site: www.pinetreecapital.com