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News Releases

Pinetree Capital Ltd. Acquires Securities of Canadian Spirit Resources Inc.


June 4, 2009

TORONTO, Ontario (June 4, 2009) – Pinetree Capital Ltd. (TSX: PNP), announces that through a series of transactions ending on June 4, 2009, Pinetree acquired ownership of 50,000 common shares (“Common Shares”) of Canadian Spirit Resources Inc. (“Canadian Spirit”) through the facilities of the TSX Venture Exchange representing approximately 0.1% of the total issued and outstanding common shares of Canadian Spirit as of June 4, 2009. As a result of this transaction, Pinetree and its joint actor collectively held, as at June 4, 2009, an aggregate of 5,635,000 common shares of Canadian Spirit, including the Common Shares and rights to acquire an additional 1,625,000 common shares of Canadian Spirit upon the exercise of convertible securities (collectively, the “Convertible Securities”). Of these totals, Pinetree owns 1,700,000 common shares, including the Common Shares and 500,000 of the Convertible Securities, (the “Pinetree Convertible Securities”) directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actor represents a total of 7,260,000 common shares of Canadian Spirit, or approximately 14.5% of all issued and outstanding common shares as at June 4, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  In the event that the Pinetree Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 2,200,000 common shares of Canadian Spirit, or approximately 4.5% of all issued and outstanding common shares as at June 4, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.

These transactions were made for investment purposes and Pinetree and its joint actor could increase or decrease their respective investments in Canadian Spirit 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, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals.  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.