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Financing Increased

12/07/2004


The Board of Directors of Plutonic Power Corporation (PCC - TSXV) announces that further to the Company's news release dated November 23, 2004, announcing a brokered private placement, the Company wishes to advise that the size of the private placement is being increased by up to 200,000 units. The selling group of agents, led by First Associates Investments Inc., will now be offering up to 3,200,000 units instead of the originally announced 3,000,000 units, to raise gross proceeds of up to $2,480,000.

The terms of the private placement will remain the same. Each unit shall consist of either one $0.80 flow through common share and one half of one common share purchase warrant with each whole warrant entitling the holder to purchase a further common share at $1.60 until December 15, 2005, or one $0.70 regular common share and one half of one common share purchase warrant with each whole warrant entitling the holder to purchase a further common share at $1.10 until March 15, 2006. Proceeds of the financing shall be used for general administrative purposes and to continue funding development of the Company's portfolio of run of river green hydroelectric power development projects.

The Agents shall be paid a commission of 8%, of which 3% will be paid in cash and 5% will be paid in cash or units ("Agents Units") of the company at a price of $0.80 per Agent's Unit, at the option of the Agent. Each Agent's Unit shall consist of one common share and one half of one common share purchase warrant with each whole warrant being exercisable at a price of $1.25 for a period of two years from closing. The Agent will also be granted a number of warrants equal to 10% of the number of units sold in the offering. Each Agent's warrant will entitle the Agent to purchase one common share at $1.25 for a period of 24 months.

Directors and Officers of Plutonic will be participating in the financing that is expected to close by December 16th, 2004.

All securities issued in this financing shall be subject to a four-month hold period and closure of the financing is conditional on receipt of TSX Venture Exchange approval.

On behalf of the Board of Directors
PLUTONIC POWER CORPORATION
"signed"
Donald McInnes, President

For additional information please contact:
Lisa May
Investor Relations
Office: 604-669-4999 ext 1034
Cell: 604-314-3362
lisa.may@plutonic.ca

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.