$40 to $46 million more available for the juniors July 11

TORONTO, ONTARIO--(Marketwire - June 20, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.

Pinetree Capital Ltd. ("Pinetree" or the "Company") (TSX:PNP) is pleased to
announce that it has entered into an agreement with Genuity Capital Markets
and PowerOne Capital Markets Limited, as co-lead agents on behalf of a
syndicate of agents, including Canaccord Capital Corporation and Thomas
Weisel Partners Canada Inc. (collectively, the "Agents") to complete a best
efforts private placement financing to raise up to $40 million through the
issuance and sale of up to 16,000,000 units of Pinetree at a price of $2.50
per unit (a "Unit"). Each Unit will be comprised of one common share of
Pinetree and one-half of one common share purchase warrant. Each whole
common share purchase warrant will entitle the holder to acquire one common
share of Pinetree, at an exercise price of $3.50 per common share for a
period of 5 years following the closing of the financing. Closing is
expected to occur on or about July 11, 2008.

Pinetree has also granted to the Agents an over-allotment option (the
"Option") to sell up to an additional 15% of the number of Units in the
financing. The Option is exercisable at any time up to the time of closing
of the private placement. If the Option is exercised in full, an aggregate
of 18,400,000 Units will be sold under the private placement, representing
gross proceeds to Pinetree of $46 million