Pinetree Capital Ltd. Acquires Securities Of Sofame Technologies Inc.

May 23, 2007

TORONTO, Ontario (May 23, 2007) – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that it acquired ownership debentures convertible into 5,000,000 (the “Debentures”) common shares of Sofame Technologies Inc. (“Sofame”) and common share purchase warrants convertible into 2,500,000 common shares of Sofame (the “Warrants”).  Each Debenture entitles the holder thereof to convert into one common share of Sofame at a conversion price of $0.10 until May 16, 2009 and at a conversion price of $0.11 thereafter.  Each Warrant entitles the holder thereof to acquire one common share until May 16, 2009 at a price of $0.15.  As a result of this transaction, Pinetree and its joint actors held, as at May 16, 2007, rights to acquire an aggregate of 8,342,593 common shares of Sofame (the “Convertible Securities”), including the Debentures and the Warrants, or approximately 11.2% of all issued and outstanding common shares as at May 16, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  In the event that only the Debentures and the Warrants owned directly by Pinetree are fully exercised, the direct holdings of Pinetree represent approximately 10.1% of all issued and outstanding common shares of Sofame as of May 23, 2007, calculated on a partially diluted basis assuming the exercise of the Debentures and the 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 Sofame 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” and is included in the Standard & Poor's/Toronto Stock Exchange composite index.  Pinetree is a diversified investment and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Uranium, Oil & Gas, Molybdenum, 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: 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  Phone: 416-941-9600 Email: ir@pinetreecapital.com   Web Site: www.pinetreecapital.com

Media Relations: Wanda Cutler Director of Corporate Communications Pinetree Capital Ltd. 130 King Street West, Suite 2500 Toronto, Ontario, Canada, M5X 1A9 Phone: 416-860-1717