Plasma Environmental Technologies Inc.

Plasma Environmental Technologies Inc.

October 28, 2005 12:09 ET

Plasma Completes Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 28, 2005) -

This press release is not for distribution to any U.S. news wire services or for dissemination in the United States of America.

Plasma Environmental Technologies Inc. (TSX VENTURE:PE) announces that it has completed a private placement for gross proceeds of $337,620. Proceeds were raised through the sale of 3,291,750 "flow-through" common shares at $0.08 per share and 928,500 units at $0.08 per unit. Each unit is comprised of one share and one share purchase warrant. Each warrant entitles the holder to acquire a share for two years at a price of $0.15 per share. The securities are subject to a four month hold period.

In connection with the offering the Company has paid finder's fees of $9,817 to Canaccord Capital Corporation, 135,000 common shares to Jeff Potwarka and 15,000 common shares to John Richardson.

The insiders of the Company have participated in the offering on the same terms as the arm's length investors. The private placement has closed, except for the units issued to the insiders, which will be distributed 21 days from the date of the material change report filed in connection with this press release.

The Company has entered into a management agreement with Roger S. Peacock, a consultant, for one year. The Company has agreed to pay Mr. Peacock $2,000 per month in shares at a deemed price of $0.10 per share, subject to regulatory approval.

Shares Outstanding: 35,746,786

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Plasma Environmental Technologies Inc.
    Alex Falconer
    Chief Financial Officer
    (905) 332-9693