Pinetree Capital Ltd. Announces Closing Of $32 Million Private Placement

March 15, 2006

Toronto, Ontario – Pinetree Capital Ltd. (TSX: PNP) (“Pinetree”), a Canadian investment company, is pleased to announce that it has closed its previously announced (see press releases dated March 2, 2006 and March 3, 2006) private placement of common shares to raise gross proceeds of $32,000,400.  Pursuant to the financing, Pinetree issued 3,555,600 common shares at a price of $9.00 per common share. 

Sprott Asset Management purchased $15,000,003 of the financing for which a finder’s fee of $100,000 cash and 150,000 warrants was paid to Kingsdale Capital Markets Inc.  The warrants entitle the holder to acquire one common share of Pinetree at a price of $9.00 for a period of 18 months following the closing of the financing.  In addition, certain agents were paid a cash commission representing 5% of the aggregate subscription funds arranged through them for a total of $493,542.45.

Completion of the financing remains subject to the final approval of the TSX.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”, is a diversified investment, financial advisory and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Oil & Gas, Uranium, Precious Metals and Base Metals. 

Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

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