THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY
AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES.
TORONTO, October 14 /CNW/ - Plutonic Power Corporation (TSX:PCC)
-- Plutonic Power Corporation is pleased to announce that it has
entered into an agreement with Cormark Securities Inc., on behalf of a
syndicate of underwriters co-led by Cormark, GMP Securities L.P. and
Macquarie Capital Markets Canada Ltd. pursuant to which the underwriters
have agreed to purchase 21,000,000 Common Shares at a price of $3.35
per Common Share for gross proceeds of $70.35 million. The Corporation
has granted the underwriters an over-allotment option to purchase an
additional 3,150,000 Common Shares at the offering price until the date
that is 30 days following the closing of this offering. The Corporation
will file a preliminary short form prospectus in each of the Provinces
of Canada, other than Québec, for the purpose of qualifying the common
shares for distribution to the public and the offering is scheduled to
close on or about November 4, 2009.
The net proceeds of the offering will be used for commitments previously
made with respect to the Toba Montrose project transmission line, and
the acquisition of the Dokie Ridge Wind Project as well as for general
corporate purposes. The offering is subject to certain conditions
including, but not limited to, completion of satisfactory due diligence
by the underwriters and the receipt of all necessary approvals,
including the approval of the Toronto Stock Exchange and the securities
The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold in the United States or to, or for the
account or benefit of, U.S. persons absent registration or an applicable
exemption from registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful.
Plutonic Power's vision is to provide leadership and create a legacy
through the development of renewable, reliable, clean energy projects.
Its proposed Green Power CorridorTM, comprised of 42 generation
facilities (including the 2 facilities being constructed by the Toba
Montrose General Partnership), could have the capacity to meet the
annual energy needs of about 660,000 homes and offset more than 4.4
million tons of CO2 emissions every year - the equivalent of taking more
than 850,000 cars off the road. Build out of the Green Power
CorridorTM, including the current construction of the $660 million, 196
megawatt East Toba River and Montrose Creek run-of-river hydroelectric
project, could create approximately 6,500 person-years of employment.
Plutonic Power is committed to working in partnership with First
Nations, stakeholder groups and local communities in the development of
all of its projects. By developing its suite of projects, Plutonic Power
will help British Columbia realize its goal of becoming electricity
self-sufficient by 2016 utilizing 90% clean domestic generation sources,
will create employment opportunities and will play a significant role
in the fight against climate change.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
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