Pinetree Capital Ltd. Acquires Securities of Mega Uranium Ltd.

TORONTO, CANADA--(Marketwire - Feb. 2, 2012) - Pinetree Capital Ltd. (TSX:PNP), announces that on February 2, 2012, it acquired ownership of 150,000 common shares ("Common Shares") of Mega Uranium Ltd. ("Mega") through the facilities of the Toronto Stock Exchange representing approximately 0.06% of the total issued and outstanding common shares of Mega as of February 2, 2012. As a result of this transaction, Pinetree and its joint actors collectively held, as at February 2, 2012, an aggregate of 18,969,862 common shares of Mega, including the Common Shares, and rights to acquire an additional 7,687,211 common shares of Mega upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 13,150,000 common shares, including the Common Shares, and 2,424,712 of the Convertible Securities (the "Pinetree Convertible Securities") directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 26,657,073 common shares of Mega, or approximately 10.1% of all issued and outstanding common shares as at February 2, 2012, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 15,574,712 common shares of Mega, or approximately 6.0% of all issued and outstanding common shares as at February 2, 2012, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.

This transaction was made for investment purposes and Pinetree and/or its joint actors could increase or decrease their investment in Mega 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.