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News Releases

Pinetree Capital Ltd. Acquires Securities Of African Gold Group Inc.


January 30, 2009

TORONTO, Canada - Pinetree Capital Ltd. (TSX: PNP), announces that on January 23, 2009, it acquired ownership of 3,000,000 common shares (“Common Shares”) of African Gold Group Inc. (“African Gold”) and 3,000,000 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder to purchase one additional common share for a period of two years, at a price of $0.10 per share until July 23, 2009, and thereafter at a price of $0.15 until January 23, 2011.  In the event that the Warrants are fully exercised, these holdings represent approximately 9.6% of the total issued and outstanding common shares of African Gold as of January 23, 2009.  As a result of this transaction, Pinetree held, as at January 23, 2009, an aggregate of 4,244,395 common shares of African Gold and rights to acquire an additional 3,919,047 common shares of African Gold upon the exercise of convertible securities (collectively, the “Convertible Securities”), including the Warrants.  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 8,163,442 common shares of African Gold, or approximately 12.9% of all issued and outstanding common shares as at January 23, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. 

These transactions were made for investment purposes and Pinetree could increase or decrease its investments in African Gold 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.