TERREBONNE, QC, April 17 /CNW Telbec/ - Mr. Carol Murray, President and
Chief Executive Officer of Power Tech Corporation Inc. (TSX-V: PWB) announces
that PowerTech has closed a private placement of units for an amount of
$1,733,509. This amount represents the second closing of the private placement
announced on February 28, 2007 which, including the amount of the first
closing announced on April 5, 2007, totals gross proceeds of $3,243,509.
Power Tech issued 3,151,836 units for the second closing announced today
and, under the terms of the private placement announced February 28, 2007,
PowerTech issued an aggregate of 5,897,290 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 included in the units issued in the second
private placement entitles its holder to subscribe for one common share of
PowerTech at a price of $0.70 until April 16, 2009. The units and the
underlying securities issued in the second private placement are subject to a
four-month hold period that expires August 17, 2007.
In consideration of the services rendered, Northern Securities Inc., the
agent, received an aggregate of 315,184 Compensation Options, each of which
entitles its holder to subscribe until April 16, 2009 to one unit of PowerTech
at a price of $0.55 per unit under the same terms and conditions as the units
issued in the private placement. A commission of $138,680 was also paid to the
"We are very pleased to close this second phase of our financing, which
has enabled us to raise a total of $3.2 million. With this support, PowerTech
now has the means to pursue and accelerate its development plan from both a
commercial and technological perspective. The commercial agreement recently
concluded with NPK Construction Equipment, as well as last week's launch of
the new 3000 Series of our multi-functional percussion bucket, are two
eloquent examples of PowerTech's know-how. We intend to continue capitalizing
on this expertise in the future to ensure the Company's growth and success,"
said Mr. Murray.
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,
email@example.com; Frédéric Tremblay, HKDP, (514) 395-0375 ext.
234, firstname.lastname@example.org; Source: Power Tech Corporation Inc.;