TSX: PNP     Last: 4.51     Change: -0.03
TSX: PNP     Last: 4.51     Change: -0.03

Pinetree Capital Ltd. Acquires Securities Of REC Minerals Corp.

December 7, 2009

TORONTO, Canada (December 7, 2009) Pinetree Capital Ltd. (TSX: PNP), announces that on December 4, 2009, it acquired ownership of 1,000,000 common shares (“Common Shares”) and 1,000,000 common share purchase warrants (the “Warrants”) of REC Minerals Corp. (“REC”) pursuant to the initial public offering of REC.  Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.25 until December 4, 2011.  In the event that the Warrants are fully exercised, these holdings represent approximately 11.5% of the total issued and outstanding common shares of REC as of December 4, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree and its joint actors collectively held, as at December 4, 2009, an aggregate of 2,000,000 common shares of REC, including the Common Shares and rights to acquire an additional 1,500,000 common shares of REC upon exercise of certain convertible securities (the “Convertible Securities”), including the Warrants.  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 3,500,000 common shares of REC, or approximately 19.5% of all issued and outstanding common shares as at December 4, 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 investment in REC 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, Precious Metals, Base Metals and Potash, Lithium and Rare Earths.  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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