Plutonic Power Corporation (PCC - TSXV), a
Vancouver, BC based renewable energy company, is pleased to announce the
appointment of Mr. Paul Sweeney to the position of Executive
Vice-President, Corporate Development effective January 1, 2007. Mr.
Sweeney has been a financial consultant to Plutonic since March 2006.
In this role Mr. Sweeney will be responsible for overseeing the
financing of Plutonic's renewable energy projects as well as assisting
the Company in planning for the future and to take advantage of new
Mr. Sweeney has a strong 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.
Plutonic was the largest bidder in the BC Hydro 2006 Call for Tender
having received and executed 35 year long term sales contracts for the
196 MW East Toba River and Montrose Creek Project and the 15MW Rainy
River Project. Mr. Sweeney is leading the negotiating of a $550 million
debt and equity package that, subject to receipt of all approvals,
should allow for construction to commence in Q1/Q2 2007. Additionally
Plutonic is planning to be a significant bidder in BC Hydro's 2007
Mr. Sweeney will be granted 100,000 common share purchase options, with an exercise price of $2.80 and a five year term.
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 22 run of river projects have a design capacity
of over 1000 MW and the potential to generate approximately 3500 GW.h
per annum of green energy, enough energy to meet the annual energy needs
of approximately 300,000 homes. Included in the 22 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
financed through one of the largest single private sector green energy
investments ever made in British Columbia and would create over 3,000
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 Caution Regarding Forward-Looking
Statements - This news release contains certain forward-looking
statements, including statements regarding the business and anticipated
financial performance of the Company. These statements are subject to a
number of risks and uncertainties. Actual results may differ materially
from results contemplated by the forwardlooking statements. When relying
on forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other uncertainties
and should not place undue reliance on such forward-looking statements.
The Company does not undertake to update any forward-looking statements,
oral or written, made by itself or on its behalf.
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