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News Releases

Pinetree Capital Ltd. Acquires Securities of Gold Summit Corp.


June 3, 2009

TORONTO, Ontario (June 3, 2009) – Pinetree Capital Ltd. (TSX: PNP), announces that on June 2, 2009, it acquired ownership of 1,000,000 common shares (“Common Shares”) of Gold Summit Corp. (“Gold Summit”) and 1,000,000 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder thereof to acquire one additional common share until June 2, 2011, at a price of $0.15.   In the event that the Warrants are fully exercised, these holdings represent approximately _____% of the total issued and outstanding common shares of Gold Summit as of June 2, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree and its joint actors held, as at June 2, 2009, an aggregate of 2,160,500 common shares of Gold Summit, including the Common Shares and convertible securities exercisable into 1,730,000 common shares of Gold Summit (the “Convertible Securities”), including the Warrants.  Of these totals, Pinetree directly holds 1,580,500 common shares and rights to acquire 1,150,000 common shares of Gold Summit upon exercise of convertible securities (the “Pinetree Convertible Securities”), including the Warrants.  If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 3,890,000 common shares of Gold Summit, or approximately _____% of such shares outstanding as of June 2, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  If Pinetree were to exercise all of the Pinetree Convertible Securities, its direct ownership would represent a total of 2,730,500 common shares of Gold Summit, or approximately ____% of such shares outstanding as of June 2, 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 each of its joint actors could increase or decrease their respective investments in Gold Summit depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is 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 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

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.