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


Pinetree Capital Ltd. (TSX:PNP) announces that it has amended the terms of its
normal course issuer bid (the "Bid") for the company's 8% convertible unsecured
subordinated debentures due May 31, 2016 ("Debentures") (TSX: "PNP.DB"), to
increase the amount of Debentures that it can purchase under the Bid from
$3,750,000 principal amount to $7,440,000 principal amount. The increased amount
represents 10% of the "public float" of the Debentures that were outstanding at
the commencement of the Bid on May 18, 2012.


Purchases of Debentures can be made under the Bid through the facilities of the
TSX and on other alternative Canadian trading systems, up to a maximum of
$28,293 principal amount per day (subject to the company's ability to rely upon
the "block purchase exception" under the TSX rules). All purchases will be made
at market prices and otherwise in accordance with the rules of the TSX, and all
Debentures purchased under the Bid will be cancelled. To date, Pinetree has
purchased an aggregate of $2,948,000 principal amount of Debentures under the
Bid at a volume weighted average price of $79.59 per $100 principal amount of
Debentures. The Bid expires on May 17, 2013.


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 FURTHER INFORMATION PLEASE CONTACT: 
Pinetree Capital Ltd.
Sheldon Inwentash, CPA, CA.
Chairman & CEO
416-941-9600


Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
416-643-3884
feldman@pinetreecapital.com
www.pinetreecapital.com


Pinetree Capital Ltd.
Investor Relations:
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
416-941-9600
ir@pinetreecapital.com
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