Plutonic Power Corporation (PCC - TSXV), a Vancouver, BC based renewable
energy developer, announces that it has closed its $2.5 million
nonbrokered private placement financing that was announced on March 8,
2006. The Company has issued 3.1 million units of the Company for
proceeds of $2.48 million. 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
Each unit consisted of one $0.80 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 $1.25 for one year and at $1.75 for a
two year period. No finders fees were payable.
Directors and officers of the Company purchased 432,000 units of the financing.
All securities issued in this financing shall be subject to a four-month hold period.
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.