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

Pinetree Capital Announces Listing Of Warrants

November 12, 2008

TORONTO, Ontario (November 12, 2008) – Pinetree Capital Ltd. (TSX: PNP) (“Pinetree” or the “Company”) announces that the Company’s common share purchase warrants, which were issued as part of its private placement that closed on July 11, 2008, will be listed on the Toronto Stock Exchange commencing at the opening of trading on November 12, 2008 and will trade under the symbol “PNP.WT.B”.

An aggregate of 8,638,650 warrants will be listed, each warrant entitling the holder to purchase one common share of Pinetree at a price of $3.50 per share until expiry on July 11, 2013.

About Pinetree

Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”.  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, Potash and Rare Earths, and Base Metals.  Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com

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

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