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Vancouver power developer closes $70 million financing |
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Thursday, 05 November 2009 |
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Vancouver's Plutonic Power Corp. (TSX:PCC) has raised $70.35 million in a recently announced bought deal financing. The company sold 21 million common shares at $3.35 per share to a syndicate of underwriters co-led by Cormark Securities Inc, GMP Securities LP, and Macquarie Capital Markets Canada Ltd. The syndicate also included Scotia Capital, Toll Cross Securities, Canaccord Capital, M Partners, PI Financial, Salman Partners and Versant Partners. Net proceeds of the offering will be used to satisfy previous commitments made relating to the Toba Montrose project's transmission line and financing for the planned acquisition of the Dokie Ridge Wind Project. Plutonic is partnering with GE Energy Financial Services to acquire the 144-megawatt wind farm project in northeastern B.C. that it is acquiring from EarthFirst Canada Inc., which filed for creditor protection last November. Plutonic is slated to own 51% of the project while GE will own the remaining 49%. Plutonic's share price range during the past week: between $3.05 and $3.32; 52-week high: $4.38; 52-week low: $1.74.
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