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

Pinetree Capital Ltd. Acquires Securities Of El Tigre Silver Corp.

October 22, 2012

TORONTO, Canada (October 22, 2012) Pinetree Capital Ltd. (TSX: PNP), announces that on October 19, 2012, it acquired ownership of 1,000,000 common shares (“Common Shares”) and 500,000 common share purchase warrants (the “Warrants”) of El Tigre Silver Corp. (“El Tigre”).  Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.38 until October 19, 2014.   In the event that the Warrants are fully exercised, these holdings represent approximately 3.2% of the total issued and outstanding common shares of El Tigre as of October 19, 2012, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree held, as at October 19, 2012, an aggregate of 3,350,000 common shares of El Tigre, including the Common Shares, and rights to acquire an additional 2,500,000 common shares of El Tigre upon exercise of certain convertible securities, including the Warrants (the “Convertible Securities”).   In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 5,850,000 common shares of El Tigre, or approximately 12.1% of all issued and outstanding common shares as at October 19, 2012, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

This transaction was made for investment purposes and Pinetree could increase or decrease its investment in El Tigre 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 venture capital firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal.  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. Pinetree is recognized as a value-added partner in the resource industry. 

  Investor Relations:
Sheldon Inwentash, CA. Richard Patricio, LL.B.
Chairman & CEO Vice President, Legal and Corporate Affairs
Pinetree Capital Ltd. Pinetree Capital Ltd.
  130 King Street West, Suite 250
Gerry Feldman, CA. Toronto, Ontario, Canada, M5X 1A9
CFO & Vice President, Corporate Development Phone: 416-941-9600
Pinetree Capital Ltd. Email: ir@pinetreecapital.com
  Website: www.pinetreecapital.com

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