TORONTO, ONTARIO--(Marketwire - Dec. 11, 2012) -

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

Pinetree Capital Ltd. (TSX:PNP) announces that the company and Equity Financial Trust Company have executed an indenture (the "Supplemental Indenture") supplemental to the convertible debenture indenture dated as of May 17, 2011 (the "Indenture"), which governs the company's outstanding 8.0% Convertible Unsecured Subordinated Debentures due May 31, 2016 (the "Debentures").

The Supplemental Indenture creates additional covenants that limit Pinetree's aggregate debt-to-assets ratio to 33%.

Pinetree determined that is was in its best interests to provide for the covenants after becoming aware that the terms of the debt covenants contained in the Indenture were not consistent with certain investors' expectations, based upon information provided to them during the marketing of the Debentures by the agents on the Debenture financing.

A copy of the Supplemental Indenture has been filed under Pinetree's profile on SEDAR at [ www.sedar.com ]. The Indenture is also available on SEDAR under the company's continuous disclosure filings for 2011.

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 venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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. Pinetree is recognized as a value-added partner in the resource industry.