The Board of Directors of Plutonic Capital Inc. (PCC -- TSXV) is pleased to announce that the Company has completed its qualifying transaction effective August 8th, 2003. It has closed the acquisition of an option agreement on the Tide Property, concurrently consolidated its capital on a 1 new for 2 old basis and completed a $500,000 private placement financing.
The Company entered into an option agreement dated July 23rd, 2002 with Rimfire Minerals Corporation (RFM:TSXV) to earn a 50% interest in the Tide Property and has completed a financing for $500,000 from the sale of 2.5 million units at $0.20 each. Each unit consisted of one post consolidation common share and one half of one post consolidation common share purchase warrant, with each whole warrant exercisable at $0.25 per share until November 30, 2003. In addition, Mr. Walter Segsworth and William Lindqvist joined the Board of Directors of the Company.
Following completion of the transaction the Board of Directors consisted of Donald McInnes, President, R. Stuart Angus, William Lindqvist, Walter Segsworth and Michael Volker. The corporate secretary will continue to be Rupert Legge.
As a result of the completion of the consolidation, the acquisition and the financing, the company now has 3.7 million common shares issued and outstanding. The Company has also issued 740,000 common share purchase options to Directors and employees exercisable at $0.20 per share until August 8, 2008
For further information on the transaction contemplated herein call Donald McInnes at Plutonic Capital at 604-682-8414.
On behalf of the Board of Directors
PLUTONIC CAPITAL INC.
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