Pinetree Capital Ltd.

Pinetree Capital Ltd.

November 17, 2006 15:53 ET

Pinetree Capital Ltd. Announces Public Offering of Units

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2006) -


Pinetree Capital Ltd. (TSX:PNP) ("Pinetree") is pleased to announce that it has filed a preliminary short form prospectus today in certain provinces of Canada in connection with a proposed public offering of units. Each unit will consist of one common share of Pinetree and one-half of one common share purchase warrant, each whole common share purchase warrant entitling the holder to acquire one common share of Pinetree, for a period of 5 years following closing of the offering, at a price per share to be determined prior to filing the final short form prospectus.

The offering will be underwritten by a syndicate of underwriters led by Genuity Capital Markets and including Canaccord Adams, Westwind Partners Inc. and Kingsdale Capital Markets Inc.

Pinetree plans to use the net proceeds of the offering for further investment activities, to repay certain indebtedness and for general corporate purposes.

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 and merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Uranium, Oil & Gas, 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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