Pinetree Capital Ltd. To Increase Over Allotment Option

April 17, 2006

TORONTO, Ontario (April 17, 2006) – Pinetree Capital Ltd. (TSX: PNP) (“Pinetree”), announced today that it has agreed with Westwind Partners Inc., the lead agent, to increase the over allotment option on its recently announced $22,500,000 financing (see press release dated March 30, 2006) to $12,000,000, for total gross proceeds of $34,500,000.  The financing is scheduled to close on or about April 27, 2006.

All of the other terms of the proposed financing described in the March 30, 2006 release remain the same.  Completion of the financing remains subject to TSX approval.

About Pinetree

Pinetree Capital Ltd. ("Pinetree") 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