The Board of Directors of Plutonic Capital Inc. (PCC -- TSXV) are pleased to announce the company is in the process of filing a series of transactions with the TSX Venture Exchange that collectively will constitute a change of business. The first part of this process involves the granting of an option to Serengeti Resources Inc. to acquire Plutonic's option to earn a 51% interest in the Tide Property from Rimfire Minerals Corporation. Plutonic has provided notice to Rimfire of its intention to grant such option and has agreed to issue to Rimfire 100,000 common shares for an extension of its fall 2003 exploration commitments that will now be fulfilled by Serengeti. Plutonic is currently preparing a submission to the TSX for approval of the Serengeti option and for a change of business, further details of which will follow in due course.
Serengeti shall have an option to earn Plutonic's 51% interest in the Tide Property from Rimfire Minerals. As consideration for assignment of its option from Plutonic, Serengeti shall issue 50,000 common shares to Plutonic upon receipt of regulatory approval and 25,000 common shares annually thereafter until vesting. Serengeti will also assume all of Plutonic rights and responsibilities concerning the Tide Project and at its option pay to Plutonic 1,000,000 common share its capital stock or 2 million common shares when the property is put into production.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release