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Press release from Marketwire

Pinetree Capital Ltd. Acquires Securities of Unigold Inc.

Friday, March 09, 2012

Pinetree Capital Ltd. Acquires Securities of Unigold Inc.14:53 EST Friday, March 09, 2012TORONTO, CANADA--(Marketwire - March 9, 2012) -Pinetree Capital Ltd. (TSX:PNP), announces that on March 9, 2012, it acquired ownership of 3,500,000 common shares ("Common Shares") and 1,750,000 common share purchase warrants (the "Warrants") of Unigold Inc. ("Unigold"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.50 until March 8, 2014. In the event that the Warrants are fully exercised, these holdings represent approximately 2.5% of the total issued and outstanding common shares of Unigold as of March 9, 2012, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at March 9, 2012, an aggregate of 26,092,000 common shares of Unigold, including the Common Shares, and rights to acquire an additional 4,000,000 common shares of Unigold upon exercise of certain convertible securities (the "Convertible Securities"), including the Warrants. Of these totals, Pinetree owns 21,637,000 common shares, including the Common Shares, and 2,500,000 of the Convertible Securities, including the Warrants (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 30,092,000 common shares of Unigold, or approximately 14.1% of all issued and outstanding common shares as at March 9, 2012, 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 24,137,000 common shares of Unigold, or approximately 11.4% of all issued and outstanding common shares as at March 9, 2012, 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 Unigold depending on market conditions or any other relevant factor.About PinetreePinetree 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. FOR FURTHER INFORMATION PLEASE CONTACT: Sheldon InwentashPinetree Capital Ltd.Chairman & CEO416-941-9600ORGerry FeldmanPinetree Capital Ltd.CFO & Vice President, Corporate Development416-941-9600ORRichard PatricioInvestor Relations: Pinetree Capital Ltd.Vice President, Legal and Corporate Affairs416-941-9600ir@pinetreecapital.comwww.pinetreecapital.com