This Press Release Is Not For Distribution In The United States Or To U.S. News Agencies
Vancouver, British Columbia, March 29, 2007 -- PLUTONIC POWER CORPORATION (TSX-V: PCC)
announces that it has entered into an agreement with a syndicate of
underwriters led by Orion Securities Inc. and Sprott Securities Inc. and
including Scotia Capital Inc. and Toll Cross Securities Inc.
(collectively, the "Underwriters"). Under the agreement, the
Underwriters will purchase, on a bought deal private placement basis,
7,100,000 common shares of the Company at $4.55 per share for total
gross proceeds of $32,305,000.
The net proceeds from this offering will be used for accelerated
development of the Company's various power projects and for general
working capital purposes.
Closing of the sale of the common shares is scheduled for April 18, 2007
and is subject to regulatory approval, including the approval of the
TSX Venture Exchange. The Underwriters will be entitled to receive a
5.5% commission on gross cash proceeds.
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 22 development projects have a design capacity of
nearly 1,000 MW with the potential to generate approximately 3,300 GWh
per annum of green energy -- enough energy to meet the annual energy
needs of over 300,000 homes. Included in the 22 projects is the creation
of the Green Power Corridor and a series of non-storage hydroelectric
projects in southwestern BC which hold the potential to bring British
Columbia to the forefront of green energy generation in North America.
The completion of the Green Power Corridor would create approximately
3,000 person-years of employment.
Plutonic is committed to working with First Nations, stakeholder groups
and local communities in the development, future construction and
operation of its run of river projects.
The common shares of the Company trade on the TSX Venture Exchange under the symbol "PCC".
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 forwardlooking 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 forwardlooking 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.