TSX: PNP     Last: 3.77     Change: -0.04
TSX: PNP     Last: 3.77     Change: -0.04

Pinetree Capital Ltd. Announces Closing Of $34.5 Million Private Placement

April 27, 2006

Toronto, Ontario (April 27, 2006) – Pinetree Capital Ltd. (TSX: PNP) (“Pinetree”), is pleased to announce that it has closed its previously announced financing (see press releases dated March 30, 2006 and April 17, 2006).  Pinetree issued a total of 2,300,000 common shares at a price of $15.00 per common share for gross proceeds of $34,500,000, which includes the exercise of the $12,500,000 overallotment option.  The common shares are subject to a hold period expiring four months from the date of issue.

Westwind Partners Inc. acted as lead agent, on a best efforts basis.  Terms of the Agency Agreement between Westwind Partners Inc. and Pinetree, can be found on SEDAR at www.sedar.com.

In connection with the financing, an aggregate of 74,000 common shares were issued to related parties and their associated entities.  The filing of a material change report relating to the financing will occur less than 21 days before the closing date of the financing, however, Pinetree believes that this is reasonable and necessary as the information contained in the material change report was not previously available to Pinetree.

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


Email: ir@pinetreecapital.com    Web Site: www.pinetreecapital.com

Subscribe for the latest news and updates