THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Vancouver, British Columbia, April 18, 2007 - Plutonic Power Corporation (TSX-V: PCC)
is pleased to announce that it has closed a $32.3 million equity
financing co-led by Orion Securities Inc. and Cormark Securities Inc.
and including Scotia Capital Inc. and Toll Cross Securities Inc.
(collectively, the "Underwriters"). The Company issued 7,100,000 common
shares at a price of $4.55 per share for gross proceeds of $32.3
million. The Underwriters were paid a 5.5% cash commission on the gross
The common shares issued under this financing are subject to a hold
period under Canadian securities laws and polices of the TSX Venture
Exchange and are restricted from trading until August 19, 2007.
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 25 development projects have a design capacity of
over 1300 MW with the potential to generate approximately 4,400 GWh per
annum of green energy - enough energy to meet the annual energy needs
of over 440,000 homes. Included in the 25 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 create approximately
3900 person-years of employment.
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 forward-looking 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.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES AND DOES NOT CONSTITUTE AN OFFERING OF THE SECURITIES DESCRIBED
HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS,
AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS
UNLESS REGISTERED OR EXEMPT THEREFROM.