PINETREE CAPITAL LTD. ACQUIRES SECURITIES OF GALENA CAPITAL CORP.
TORONTO, Canada (November 18, 2009) Pinetree Capital Ltd. (TSX: PNP), announces that on November 15, 2009, it acquired ownership of 3,000,000 common shares (�Common Shares�) of Galena Capital Corp. (�Galena�), which represents approximately 5.3% of the total issued and outstanding common shares of Galena as of November 15, 2009. As a result of this transaction, Pinetree and its joint actors collectively held, as at November 15, 2009, an aggregate of 5,240,000 common shares of Galena, including the Common Shares and rights to acquire an additional 1,525,000 common shares of Galena upon exercise of certain convertible securities (the �Convertible Securities�). Of these totals, Pinetree owns 4,390,000 common shares, including the Common Shares and the 1,125,000 of the Convertible Securities (the �Pinetree Convertible Securities�) directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 6,765,000 common shares of Galena, or approximately 11.6% of all issued and outstanding common shares as at November 15, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 5,515,000 common shares of Galena, or approximately 9.5% of all issued and outstanding common shares as at November 15, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.
These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Galena depending on market conditions or any other relevant factor.
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, Precious Metals, Base Metals and Potash, Lithium and Rare Earths. 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
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
Web Site: www.pinetreecapital.com