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News Releases

Pinetree Capital Ltd. Acquires Securities Of Rockgate Capital Corp.


February 20, 2009

TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on February 20, 2009, it acquired ownership of 431,350 common shares (“Common Shares”) of Rockgate Capital Corp. (“Rockgate”) through the facilities of the Toronto Stock Exchange representing approximately 0.8% of the total issued and outstanding common shares of Rockgate as of February 20, 2009.   As a result of this transaction, Pinetree and its joint actors collectively held, as at February 20, 2009, an aggregate of 7,757,000 common shares of Rockgate and rights to acquire an additional 1,250,000 common shares of Rockgate upon the exercise of convertible securities (collectively, the “Convertible Securities”).  Of these totals, Pinetree owns an aggregate of 7,000,000 common shares of Rockgate and the Convertible Securities.  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 9,007,000 common shares of Rockgate, or approximately 16.0% of all issued and outstanding common shares as at February 20, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  In the event that the Convertible Securities are fully exercised, Pinetree’s direct holdings would represent 8,250,000 common shares approximately 14.7% of all issued and outstanding common shares of Rockgate as of February 20, 2009, calculated on a partially diluted basis assuming the exercise of the 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 Rockgate 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.