TSX: PNP     Last: 3.67     Change: -0.14
TSX: PNP     Last: 3.67     Change: -0.14

Pinetree Capital Ltd. Acquires Securities Of Mooncor Oil & Gas Corp.

April 17, 2009

TORONTO, Ontario (April 17, 2009) – Pinetree Capital Ltd. (TSX: PNP), announces that on April 9, 2009 it acquired ownership of 1,250,000 common shares (“Common Shares”) and 625,000 common share purchase warrants (the “Warrants”) of Mooncor Oil & Gas Corp. (“Mooncor”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.35 until April 9, 2011 In the event that the Warrants are fully exercised, these holdings represent approximately 2.1% of the total issued and outstanding common shares of Mooncor as of April 9, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and his joint actors collectively held, as at April 9, 2009, an aggregate of 7,623,000 common shares of Mooncor, including the Common Shares and rights to acquire an additional 4,049,249 common shares of Mooncor upon the exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”). Of these totals, Pinetree owns only the Common Shares, and the Warrants directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 11,672,249 common shares of Mooncor, or approximately 12.4% of all issued and outstanding common shares as at April 9, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

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

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 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 following resources sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities within 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

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

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