Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

June 10, 2009 16:14 ET

Pinetree Capital Ltd. Acquires Securities of Gold Summit Corp.

TORONTO, ONTARIO--(Marketwire - June 10, 2009) - Pinetree Capital Ltd. (TSX:PNP), announces that on June 2, 2009, it acquired ownership of 1,000,000 common shares ("Common Shares") of Gold Summit Corp. ("Gold Summit") and 1,000,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until May 21, 2011, at a price of $0.15. In the event that the Warrants are fully exercised, these holdings represent approximately 17.7% of the total issued and outstanding common shares of Gold Summit as of June 10, 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 held, as at June 10, 2009, an aggregate of 2,160,500 common shares of Gold Summit, including the Common Shares and convertible securities exercisable into 1,730,000 common shares of Gold Summit (the "Convertible Securities"), including the Warrants. Of these totals, Pinetree directly holds 1,580,500 common shares and rights to acquire 1,150,000 common shares of Gold Summit upon exercise of convertible securities (the "Pinetree Convertible Securities"), including the Warrants. If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 3,890,000 common shares of Gold Summit, or approximately 32.4% of such shares outstanding as of June 10, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. If Pinetree were to exercise all of the Pinetree Convertible Securities, its direct ownership would represent a total of 2,730,500 common shares of Gold Summit, or approximately 23.9% of such shares outstanding as of June 10, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree 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 Gold Summit 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, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. 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.

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