TERREBONNE, QC, April 5 /CNW Telbec/ - Mr. Carol Murray, President and
Chief Executive Officer of Power Tech Corporation Inc. "PowerTech"
(TSX-V: PWB) announces that PowerTech has closed a private placement of units
for an amount of $1,510,000. This is the first closing of the private
placement announced on February 28, 2007 and a second closing will be held
Under the terms of the private placement announced February 28, 2007,
PowerTech issued 2,745,454 units at a price of $0.55 per unit. Each unit is
comprised of one common share and one-half of one common share purchase
warrant. Each full warrant entitles its holder to subscribe for one common
share of PowerTech at a price of $0.70 until April 5, 2009. The units and the
underlying securities issued in the private placement are subject to a four
month hold period that expires August 6, 2007.
In consideration of the services rendered, Northern Securities Inc., the
agent, received an aggregate of 274,545 Compensation Options, each of which
entitles its holder to subscribe until April 5, 2009 to one unit of PowerTech
at a price of $0.55 per unit on the same terms and conditions as the units
issued in the private placement. A commission of $120,800 was also paid to the
About PowerTech (www.powertechci.com)
PowerTech is the only company in the world that manufactures and
commercializes a percussion bucket for the construction, demolition, aluminum,
mining, tunnel digging, forestry and military industries. PowerTech's
percussion bucket, commercialized under the PicBucket and PicHammer brand
names, is a technological breakthrough that combines the power of a hydraulic
hammer with the stripping force and maneuverability of a conventional bucket.
PowerTech intends to position itself as a leader in the development,
integration and commercialization of leading edge technologies that allow for
substantial improvements in the performance, productivity and functionality of
demolition and excavation equipment.
(*) The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Carol Murray, President and Chief Executive
Officer, Power Tech Corporation Inc., (450) 963-6400, Fax: (450) 963-4411,
firstname.lastname@example.org; Frédéric Tremblay, HKDP, (514) 395-0375, ext.
234, (514) 395-0375, poste 234, email@example.com; Source: PowerTech
Corporation Inc., www.powertechci.com