Pinetree Capital Ltd.

Pinetree Capital Ltd.

November 01, 2006 17:31 ET

Pinetree Capital Ltd. Acquires Common Shares of Bluerock Resources Ltd.

TORONTO, ONTARIO--(CCNMatthews - Nov. 1, 2006) - Pinetree Capital Ltd. (TSX:PNP), announces that on October 27, 2006 it acquired ownership of 1,111,100 common shares ("Common Shares") of Bluerock Resources Ltd. ("Bluerock") and 1,111,100 share purchase warrants (each, a "Warrant") (each Warrant entitling the holder thereof to acquire one additional common share at an exercise price of $0.70 until October 26, 2008). In the event that the Warrants are fully exercised, these holdings represent approximately 12.5% of the total issued and outstanding common shares of Bluerock as of October 27, 2006, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors held, as at October 27, 2006, an aggregate of 1,111,100 common shares of Bluerock and rights to acquire an aggregate of 1,126,654 common shares of Bluerock upon exercise of 1,126,654 convertible securities, including the Warrants. Of these totals, Pinetree holds the 1,111,100 common shares and the 1,111,100 Warrants directly. If Pinetree and its joint actors were to exercise all of the 1,126,654 convertible securities, their combined ownership would represent a total of 2,237,754 common shares of Bluerock, or approximately 12.6% of such shares outstanding as of October 27, 2006, calculated on a partially diluted basis assuming the exercise of the 1,126,654 convertible securities only.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Bluerock depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP", is a diversified investment, financial advisory and merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Oil & Gas, Uranium, Precious Metals and Base Metals.

Pinetree's investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

For more details about Pinetree and its investments, please visit our website at

This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

Contact Information