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News Releases

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


July 28, 2008

TORONTO, Ontario (July 28, 2008) – Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on July 25, 2008, it acquired ownership of 152,300 common shares (“Common Shares”) of Canadian Spirit Resources Inc. (“Canadian Spirit”) through the facilities of the TSX Venture Exchange representing approximately 0.3% of the total issued and outstanding common shares of Canadian Spirit as of July 25, 2008.   As a result of this transaction, Pinetree and its joint actors held, as at July 25, 2008, an aggregate of 3,305,600 common shares of Canadian Spirit, including the Common Shares, and convertible securities exercisable into 1,250,000 common shares of Canadian Spirit (the “Convertible Securities”).  Of these totals, Pinetree directly holds the 1,497,700 common shares and 500,000 of the Convertible Securities (the “Offeror Convertible Securities”) directly.  If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 4,555,600 common shares of Canadian Spirit or approximately 10.0% of such shares outstanding as of July 25, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  If Pinetree were to exercise all of the Offeror Convertible Warrants, its direct ownership would represent a total of 1,997,700 common shares of Canadian Spirit, or approximately 4.4% of such shares outstanding as of July 25, 2008, calculated on a partially diluted basis assuming the exercise of the Offeror 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 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.