Magnitude Mining Ltd. and PesoRama Inc. announced the entering into of a binding letter agreement which sets, in general terms, the basic terms and conditions upon which Magnitude will acquire, directly or indirectly, all of the issued and outstanding securities of PesoRama (the "Transaction" or the "Acquisition"). Upon closing of the Transaction, all directors and officers of Magnitude (elected or appointed prior to completion of the Transaction) shall resign. Magnitude will cause the following persons to be appointed to its board of directors: Charles Wachsberg (chair), Rahim Bhaloo, Ed Sivitilli, Stephen Rosenberg, Allan White, Andrew Taylor, and Robb McNaughton.

It is understood that upon completion of the Transaction, the management of the Magnitude will include the following people: Rahim Bhaloo (CEO), Ed Sivitilli (President and COO), and Alejandro Monzo (CFO).