Plutonic Power Corporation

Plutonic Power Corporation

April 18, 2007 15:35 ET

Plutonic Power Closes $32.3 Million Bought Deal Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 18, 2007) -


Plutonic Power Corporation (TSX VENTURE: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 cash proceeds.

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


Donald McInnes, President

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.

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

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