Pinetree Capital Ltd. (TSX:PNP) ("Pinetree") announces that, as at June 30,
2013, it was not in compliance with one of the debt covenants contained in the
convertible debenture indenture dated May 17, 2011, as supplemented by the first
supplemental indenture dated December 11, 2012, in each case, between the
company and Equity Financial Trust Company, as trustee, which govern Pinetree's
8% convertible unsecured subordinated debentures due May 31, 2016 ("Debentures")
(TSX:PNP.DB). The debt covenant at issue prohibits the company's debt from
exceeding 33% of the total value of its assets, as reflected on its (unaudited)
consolidated balance sheet as at the last day of each month. As at June 30,
2013, Pinetree's debt-to-assets ratio was 36%. 


Pinetree has attempted to manage its debt-to-assets ratio throughout the year,
primarily by retiring in excess of $14 million principal amount of Debentures
under normal course issuer bids (representing approximately 19% of the
Debentures originally issued), however, the downturn in both commodity prices
and the junior resource space generally has eroded the value of the company's
investment portfolio.


Pinetree will continue to monitor its debt ratio, which it estimates to
currently remain at a similar level to the June figure.


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


Pinetree Capital Ltd.
130 King Street West, Suite 250
Toronto, Ontario, Canada, M5X 2A2
www.pinetreecapital.com


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