12:09 PM EST - Plutonic Power Corp. : said 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 said it 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 Quebec, 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 corporation's share of the equity capital required for the Dokie Ridge Wind Project as well as for general corporate purposes, the company stated. Plutonic Power Corp.
shares T.PCC are trading down $0.26 at $3.34.
