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Gold/Mining/Energy : MILL CITY MIY-V -- Ignore unavailable to you. Want to Upgrade?

To: VAUGHN who wrote (613)	10/29/2002 4:53:39 PM
From: VAUGHN	Respond to of 707

*OFF THE WIRE* Mill City/Pantera Shareholders Approve Reorganization and Qualifying Transaction CALGARY, Oct. 29 /CNW/ - MILL CITY INTERNATIONAL INC. ("Mill City" or the "Company") (MIY-TSX Venture) and PANTERA ENTERPRISES INC. ("Pantera") (PE - TSX Venture) are pleased to announce that each of the companies' shareholders recently approved the reorganization of the Company with E3 Energy Ltd. ("E3") and the Qualifying Transaction with Pantera as originally announced on June 4, 2002. The Mill City shareholder approval permits Mill City to complete a share exchange with the shareholders of E3 pursuant to which Mill City will acquire the E3 Shares in exchange for the issuance of that number of common shares which will result in the former E3 shareholders holding 49% of the then issued and outstanding Common Shares of the Company (this constituting a reverse take-over as described in TSX Policy 5.2). Mill City will also convey all of its existing assets to a wholly owned subsidiary ("Newco") in return for Newco issuing 13,668,413 Common Shares of Newco (the "Newco Shares") to Mill City. The Newco Shares will then be exchanged for Common Shares of Pantera, a CPC company on a one for one basis. The shareholders of Pantera have approved the Pantera share exchange which constitutes Pantera's Qualifying Transaction pursuant to Policy 2.4 of the TSX Venture Exchange (the "Exchange"). Upon completion of the Reorganization and Qualifying Transaction now approved by the shareholders of Mill City and Pantera, Mill City will be renamed "E3 Energy Inc.", its shares with be consolidated on a one for twelve basis and Pantera will be renamed "Mill City International Corporation". As a result of all shareholder approvals having been obtained Mill City, E3 and Pantera are now preparing all documentation to complete these transactions with an anticipated completion date of October 31, 2002. Once all of the final documentation has been completed, final submissions will be made to the Exchange following which Mill City and Pantera will then advise as to when their respective shares will be reinstated to trading. Regards Vaughn