Plutonic Power Corporation

Plutonic Power Corporation

November 04, 2009 09:41 ET

Plutonic Power Corporation Announces Closing of $70.35 Million Bought Deal

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 4, 2009) - Plutonic Power Corporation (TSX:PCC) is pleased to announce the closing of its recently-announced bought deal financing, raising gross proceeds of $70,350,000 by the sale of 21,000,000 Common Shares at a price of $3.35 per share. The financing was underwritten by a syndicate of underwriters co-led by Cormark Securities Inc., GMP Securities L.P. and Macquarie Capital Markets Canada Ltd., and including Scotia Capital Inc., Toll Cross Securities Inc., Canaccord Capital Corporation, M Partners Inc., PI Financial Corp., Salman Partners Inc. and Versant Partners Inc.

The net proceeds of the offering will be used to satisfy previous commitments made with respect to the Toba Montrose project transmission line, financing the planned acquisition of the Dokie Ridge Wind Project as well as for general corporate purposes.

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.

About Plutonic Power Corporation
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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