TSX: PNP     Last: 4.95     Change: 0.06
TSX: PNP     Last: 4.95     Change: 0.06

Pinetree Capital Ltd. Acquires Common Shares Of Cue Capital Corp.

May 1, 2007

TORONTO, Ontario (May 1, 2007) – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that it acquired ownership of 674,700 common shares (“Common Shares”) of Cue Capital Corp. (“Cue”) through the facilities of the TSX Venture Exchange representing approximately 3.0% of the total issued and outstanding common shares of Cue as of April 30, 2007.  As a result of this transaction, Pinetree and its joint actors held, as at April 30, 2007, an aggregate of 2,403,450 common shares of Cue and rights to acquire an additional 1,084,375 common shares of Cue upon the exercise of convertible securities (collectively, the “Convertible Securities”).  Of these totals, Pinetree holds 1,924,700 common shares and 625,000 common share purchase warrants directly.  If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 3,487,825 common shares of Cue, or approximately 15.0% of such shares outstanding as of April 30, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.   In the event that only the 625,000 warrants owned directly by Pinetree are fully exercised, the direct holdings of Pinetree represent approximately 11.2% of all issued and outstanding common shares of Cue as of April 30, 2007, calculated on a partially diluted basis assuming the exercise of the 625,000 warrants only.

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

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”.  Pinetree develops and manages a portfolio of equity securities of private and public issuers engaged in growth businesses in the following three sectors: (i) Uranium, Mining and Oil & Gas; (ii) Biotechnology; and (iii) Technology and Other.  Pinetree’s investment focus among these three sectors changes over time, depending on changing investment opportunities. As well, Pinetree takes advantage of special situations and merchant banking opportunities.

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 2500
Toronto , Ontario , Canada , M5X 1A9
Email: ir@pinetreecapital.com    Web Site: www.pinetreecapital.com

Subscribe for the latest news and updates