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TSX: PNP     Last: 5.40     Change: -0.05

Pinetree Capital Ltd. Acquires Securities of Cue Capital Corp.

July 15, 2009

TORONTO, Ontario (July 15, 2009) – Pinetree Capital Ltd. (TSX: PNP), announces that it acquired ownership of 2,500,000 common shares (“Common Shares”) of Cue Capital Corp. (“Cue”) and 2,500,000 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder thereof to acquire one additional common share until July 13, 2011 at a price of $0.15.  In the event that the Warrants are fully exercised, these holdings represent approximately 9.7% of the total issued and outstanding common shares of Cue as of July 13, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree held, as at July 13, 2009, an aggregate of 6,477,800 common shares of Cue, including the Common Shares and rights to acquire an aggregate of 2,750,000 common shares of Cue upon exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”).  If Pinetree were to exercise all of these Convertible Securities, its ownership would represent a total of 9,227,800 common shares of Cue, or approximately 17.9% of such shares outstanding as of July 13, 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 investment in Cue 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

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