Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

December 04, 2006 08:37 ET

Pinetree Capital Ltd. Provides Update on Public Offering

TORONTO, ONTARIO--(CCNMatthews - Dec. 4, 2006) - Pinetree Capital Ltd. (TSX:PNP)(the "Company") announces that it is not proceeding with its public offering previously announced on November 17, 2006.

The Company also announces that it has been advised by staff of the Ontario Securities Commission that it and Sheldon Inwentash, who is its Chairman and Chief Executive Officer, are the subjects of investigations involving manipulative trading in securities of Treat Systems Inc. ("Treat") and Brownstone Ventures Inc. ("Brownstone") and insider trading. The Company and certain of its principals are controlling shareholders of Treat and Brownstone. There have been no allegations and these investigations were not anticipated by either Mr. Inwentash or the Company.

The Company and Mr. Inwentash will cooperate with the Ontario Securities Commission with a view to expeditiously resolving this in a positive manner.

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 www.pinetreecapital.com.

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