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2006

Pinetree Capital Ltd. Acquires Common Shares Of Brownstone Ventures Inc.


May 23, 2006

TORONTO, Ontario (May 23, 2006) – Pinetree Capital Ltd. (TSX: PNP), announces that, though a series of transactions ending on May 19, 2006, it acquired ownership of 834,000 common shares (“Common Shares”) of Brownstone Ventures Inc. (“Brownstone”) through the facilities of the TSX Venture Exchange representing approximately 3.1% of the total issued and outstanding common shares of Brownstone as of May 19, 2006.  As a result of this transaction, Pinetree held, as at May 19, 2006, an aggregate of 3,398,859 common shares of Brownstone, or 12.7% of all issued and outstanding common shares of Brownstone as at May 19, 2006.  In addition, Pinetree and its joint actors, together owned an aggregate of 7,015,734 common shares of Brownstone and 2,202,125 share purchase warrants (the “Warrants”) (each Warrant entitles the holder to acquire one common share in Brownstone).  In the event that the Warrants are fully exercised, the holdings of the Offeror and joint actors represent approximately 31.8% of all issued and outstanding common shares as at May 19, 2006, calculated on a partially diluted basis assuming the exercise of the Warrants only.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Brownstone depending on market conditions or any other relevant factor.

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, financial advisory and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Oil & Gas, Uranium, 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.

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

Investor Relations Contact for Pinetree Capital Ltd.:

Larry Goldberg, C.A.

Executive Vice President and Chief Financial Officer

Pinetree Capital Ltd. 

130 King Street West, Suite 2810

Toronto, Ontario, Canada, M5X 1A9

416-941-9600

Email: ir@pinetreecapital.com    Web Site: www.pinetreecapital.com

©Copyright 2012 Pinetree Capital Ltd.