The Board of Directors of Plutonic Power Corporation (PCC - TSXV) announces that the Company has completed a brokered private placement financing for gross proceeds of $2,341,600 through the sale of 1,016,000 flow through units's and 2,184,000 non flow through units. The selling group of agents, led by First Associates Investments Inc. were paid a commission of 8% and received brokers warrants for 243,185.
Each flow through unit consisted of 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. Each non flow through unit consisted of 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 elected to receive $47,335.20 of the commission in units of the company. These units consisted of a common share and a one year one half of one common share purchase warrant. Each whole warrant can be exercised to purchase one further common share at an exercise price of $1.25. The agents were also issued 243,185 warrants which entitle the agents to purchase one common share for a one year period at $1.25.
All equity issued in this financing is subject to a four month hold period.
Insiders of Plutonic purchased 190,750 units of the issue.
On behalf of the Board of Directors
PLUTONIC POWER CORPORATION
Donald McInnes, President
For additional information please contact:
Office: 604-669-4999 ext 1034
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.