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

Pinetree Capital Ltd. Acquires Securities Of Canadian Arrow Mines Ltd.

April 22, 2010

TORONTO, Canada (April 22, 2010) – Pinetree Capital Ltd. (TSX: PNP), announces that through a series of transactions ending on April 21, 2010, Pinetree acquired ownership of 500,000 common shares (“Common Shares”) of Canadian Arrow Mines Ltd. (“Canadian Arrow”) through the facilities of the TSX Venture Exchange representing approximately 0.4% of the total issued and outstanding common shares of Canadian Arrow as of April 21, 2010. As a result of this transaction, Pinetree held, as at April 21, 2010, an aggregate of 9,500,000 common shares of Canadian Arrow, including the Common Shares, and rights to acquire an additional 2,500,000 common shares of Canadian Arrow upon the exercise of convertible securities (collectively, the “Convertible Securities”).  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 12,000,000 common shares of Canadian Arrow, or approximately 10.0% of all issued and outstanding common shares as at April 21, 2010, 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 Canadian Arrow 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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