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2009

Pinetree Capital Ltd. Acquires Securities Of Mesa Uranium Corp.


November 24, 2009

TORONTO, Canada Pinetree Capital Ltd. (TSX: PNP), announces that on November 20, 2009, it acquired ownership of 1,000,000 common shares (“Common Shares”) of Mesa Uranium Corp. (“Mesa”) and 500,000 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder to purchase one additional common share at a price of $0.30 per share until November 20, 2011.  In the event that the Warrants are fully exercised, these holdings represent approximately 13.5% of the total issued and outstanding common shares of Mesa as of November 20, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree held, as at November 20, 2009, an aggregate of 1,544,833 common shares of Mesa, including the Common Shares, and the Warrants.  In the event that the Warrants are fully exercised, the holdings of Pinetree represents a total of 2,044,833 common shares of Mesa, or approximately 18.5% of all issued and outstanding common shares as at November 20, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. 

These transactions were made for investment purposes and Pinetree could increase or decrease its investments in Mesa depending on market conditions or any other relevant factor.

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 merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Uranium, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths.  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.

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

Investor Relations:

Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.

130 King Street West, Suite 2500

Toronto, Ontario, Canada, M5X 1A9
Phone: 416-941-9600
Email: ir@pinetreecapital.com
Web Site: www.pinetreecapital.com

©Copyright 2012 Pinetree Capital Ltd.