Pinetree Capital Ltd.

Pinetree Capital Ltd.

March 05, 2007 17:02 ET

Pinetree Capital Ltd. Acquires Common Shares of Signet Minerals Inc.

TORONTO, ONTARIO--(CCNMatthews - March 5, 2007) - Pinetree Capital Ltd. (TSX:PNP), announces that, though a series of transactions ending on March 1, 2007, it acquired ownership of 850,000 common shares ("Common Shares") of Signet Minerals Inc. ("Signet") through the facilities of the TSX Venture Exchange representing approximately 2.4% of the total issued and outstanding common shares of Signet as of March 5, 2007. As a result of this transaction, Pinetree held, as at March 5, 2007, an aggregate of 1,956,061 common shares of Signet and convertible securities exercisable into an additional 250,000 common shares of Signet. In the event that only the 250,000 convertible securities held by the Offeror are fully exercised, the direct holdings of the Offeror represent approximately 6.1% of all issued and outstanding common shares of Signet as of March 5, 2007, calculated on a partially diluted basis assuming the exercise of the 250,000 convertible securities only.

In addition, Pinetree and its joint actors, together own an aggregate of 5,071,981 common shares of Signet and rights to acquire an additional 1,416,528 common shares of Signet upon the exercise of convertible securities (collectively, the "Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of the Offeror and joint actors represents a total of 6,488,509 common shares of Signet, or approximately 17.5% of all issued and outstanding common shares as at March 5, 2007, calculated on a partially diluted basis assuming the exercise of the 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 Signet 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.

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