Plutonic Power Corporation (PCC - TSXV), a Vancouver, BC based renewable
energy company, is pleased to announce the engagement of Mr. Paul
Sweeney as a financial advisor to the Company. Mr. Sweeney has a
tremendous track record of success with project finance, having most
recently served as Chief Financial Officer of Canico Resource Corp.
where he was responsible for among other things, arranging project
financing for the Onça-Puma Nickel Project. Financing of the project
was well underway and commitments received when Canico was bought by way
of a $940 million takeover by CVRD. Prior to Canico he was Vice
President and Chief Financial Officer for Sutton Resource Corp. where he
had arranged the debt financing for the Bulyanhulu gold mine in
Tanzania prior to Sutton's take out by Barrick Gold Corp.
In this role Mr. Sweeney will help advise and arrange a total debt and
equity financing package that will enable construction to commence as
soon as possible for the Company's projects being bid into the BC Hydro
call for tender process. In partial consideration of his engagement,
300,000 common share purchase options, with an exercise price of $0.80
and a five year term, will be granted to Mr. Sweeney with certain
vesting rights and conditions relating to performance.
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 19 run of river projects have a design capacity
of over 870 MW and the potential to generate approximately 2900 GW.h per
annum of green energy, enough energy to meet the annual energy needs of
approximately 300,000 homes. Included in the 19 projects is the
creation of the Green Power Corridor, a series of non-storage
hydroelectric projects in southwestern BC, which hold the potential to
catapult British Columbia to the forefront of green energy generation in
North America. The completion of the Green Power Corridor would be
through one of the largest single private sector green energy
investments ever made in British Columbia and would create over 2,400
person-years of employment.
Plutonic is committed to continuously work with First Nations,
stakeholder groups and local communities in the development of its run
of river projects.
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.