Pinetree Capital Ltd. Acquires Securities Of Canaco Resources Inc.

May 5, 2009

TORONTO, Canada Pinetree Capital Ltd. (TSX: PNP), announces that on April 10, 2009, it acquired ownership of 2,500,000 common shares (“Common Shares”) of Canaco Resources Inc. (“Canaco”) and 1,250,000 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder to purchase one additional common share for a period of two years, at a price of $0.07 per share until April 10, 2010, and thereafter at a price of $0.10 until April 10, 2011.  In the event that the Warrants are fully exercised, these holdings represent approximately 7.3% of the total issued and outstanding common shares of Canaco as of April 10, 2009.  As a result of this transaction, Pinetree held, as at April 10, 2009, an aggregate of 5,000,000 common shares of Canaco and rights to acquire an additional 2,000,000 common shares of Canaco upon the exercise of convertible securities (collectively, the “Convertible Securities”), including the Warrants.  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 7,000,000 common shares of Canaco, or approximately 13.5% of all issued and outstanding common shares as at April 10, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. 

These transactions were made for investment purposes and Pinetree could increase or decrease its investments in Canaco 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 (“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  

Web Site: www.pinetreecapital.com