Canadian Warrants

The warrants were issued on July 11, 2008, pursuant to a private placement.
Each warrant entitles the holder to purchase one common share of Pinetree at a price of $3.50 per share at any time prior to 5 p.m. (Toronto time) on July 11, 2013.
The warrants are governed by the terms of a warrant indenture dated July 11, 2008, between Pinetree and Equity Transfer & Trust Co. as warrant agent. The warrant indenture provides for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.
 
Pinetree Capital to list 6,875,000 warrants on Feb. 25
 
2008-02-21 19:03 MT - Warrants Called to Trade
TSX bulletin 2008-0205
A total of 6,875,000 common share purchase warrants of Pinetree Capital Ltd. will be listed and posted for trading at the open on Monday, Feb. 25, 2008, under the following trading information.
Symbol: PNP.WT.A
Cusip No.: 723330 13 0
Trading currency: Canadian dollars
Designated market-maker: Research Capital Corp.
Other markets: None
The warrants were issued on Oct. 23, 2007, pursuant to a private placement.
Each warrant entitles the holder to purchase one common share of Pinetree at a price of $6.50 per share at any time prior to 5 p.m. (Toronto time) on Oct. 23, 2012.
The warrants are governed by the terms of a warrant indenture dated Oct. 23, 2007, between Pinetree and Equity Transfer & Trust Co. as warrant agent. The warrant indenture provides for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.
 
Pinetree to list five million warrants on Aug. 17
 
2007-08-15 17:24 MT - Warrants Called to Trade
TSX bulletin 2007-1166
A total of five million common share purchase warrants of Pinetree Capital Ltd. will be listed and posted for trading at the open on Friday, Aug. 17, 2007, under the following trading information:
 
Warrant symbol: PNP.WT
Warrant Cusip No.: 723330 12 2
Trading currency: Canadian dollars
Designated market-maker: Research Capital Corp.
Other markets: None
 
The warrants were issued on April 16, 2007, pursuant to a private placement.
Each warrant entitles the holder to purchase one common share of Pinetree at a price of $15 per share at any time prior to 5 p.m. (Toronto time) on April 16, 2012.
The warrants are governed by the terms of a warrant indenture dated April 16, 2007, between Pinetree and Equity Transfer & Trust Co. as warrant agent. The warrant indenture provides for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.