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News Releases

Pinetree Capital Ltd. Acquires Securities Of Quetzal Energy Ltd.


April 27, 2009

TORONTO, Canada Pinetree Capital Ltd. (TSX: PNP), announces that on April 20, 2009, pursuant to the reverse takeover transaction by Quetzal Energy Ltd. (“Quetzal”),  it acquired ownership of 1,847,500 common shares (“Common Shares”) of and 125,000 common share purchase warrants (the “Warrants”).  In the event that the Warrants are fully exercised, these holdings represent approximately 2.3% of the total issued and outstanding common shares of Quetzal as of April 20, 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 April 20, 2009, an aggregate of 10,620,911 common shares of Quetzal, including the Common Shares, and rights to acquire an aggregate of 9,809,000 common shares of Quetzal upon exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”).  Of these totals, Pinetree holds only the Common Shares and the Warrants directly.  If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 20,429,911 common shares of Quetzal, or approximately 21.8% of such shares outstanding as of April 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 Quetzal 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 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 following resources sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals.  Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities within 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.