NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. 


Pinetree Capital Ltd. (TSX:PNP) announces that its 8% convertible unsecured
subordinated debentures maturing May 31, 2016, which were issued under its
private placement that closed on May 17, 2011, will be listed on the Toronto
Stock Exchange commencing at the opening of trading on September 19, 2011 and
will trade under the symbol "PNP.DB". An aggregate of $75,000,000 principal
amount of debentures will be listed.


The debentures are convertible at the holder's option into common shares of
Pinetree at any time prior to the close of business on the earlier of the
maturity date and the business day immediately preceding the date, if any, fixed
for redemption of the debentures by Pinetree, at a conversion price of $4.25 per
common share, being a ratio of 235.2941 common shares per $1,000 principal
amount of debentures converted (provided that no fractional shares will be
issued), subject to adjustment in certain events. The debentures are redeemable
by Pinetree under certain circumstances commencing May 31, 2014.


Pursuant to the terms of the convertible debenture indenture governing the
debentures between Pinetree and Equity Financial Trust Company, the debentures
may not be (1) transferred to or for the account of a U.S. Person or into the
United States or (2) converted by or for the account or benefit of a U.S. Person
or a person in the United States and no common shares may be transferred into or
issued in the United States or to a U.S. Person in connection with any
conversion of a debenture.


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. 


For more details about Pinetree and its investments, please visit our website at
http://www.pinetreecapital.com/.
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