The Board of Directors of Plutonic Capital Inc. (PCC -- TSXV) are pleased to announce that the Company has arranged for a non brokered private placement of $567,500 through the sale of 2,270,000 units of the company. Each $0.25 unit shall consist of a common share and one common share purchase warrant that is exercisable to purchase a common share at a price of $0.30 for a period of two years. 2,090,000 units of the offering shall be sold on a flow through basis.
No finder's fee is payable in connection with this offering and all securities shall be subject to a four-month hold period and closure of the financing is conditional on receipt of TSX Venture Exchange approval. Directors and Officers of Plutonic shall be subscribing for 660,000 units of the financing.
In the quarterly report for the period ending September 30, 2003 the company disclosed that it was in the process of purchasing a private British Columbia power development company, specifically run of river hydro electric power generation. The private company has identified a number of sites in British Columbia that are suitable locations for the installation of run of river hydro electric power generation facilities. The company is in the process making various filings with the TSX Venture Exchange to conclude this purchase and further details will be made once complete acquisition documents have been filed with the TSX.
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