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Toronto-based Plutonic Power Corp. has announced a deal that will raise C$70.35 million, which will be used for the company's share of the equity capital required for the Dokie Wind Project. Net proceeds will also be used for the Toba Montrose project transmission line.

Plutonic Power entered into an agreement with Cormark Securities Inc., on behalf of a syndicate of underwriters co-led by Cormark, GMP Securities LP and Macquarie Capital Markets Canada Ltd., for the purchase of 21 million common shares at a price of C$3.35 per share.

The company has granted the underwriters an over-allotment option to purchase an additional 3.1 million common shares at the offering price until the date that is 30 days following the closing of this offering.

This summer, Plutonic Power and GE Energy Financial Services formed a partnership in order to purchase the Dokie Ridge Wind Project from EarthFirst Canada. The 300 MW project is under construction in British Columbia.

SOURCE: Plutonic Power Corp.

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