Palcan Announces $780,000 Private Placement

February 15, 2004 by Jeff Shepard

Palcan Fuel Cells Ltd. (Burnaby, BC) announced the closing of its previously announced private placement, dated January 26, 2004, consisting originally of 2,220,000 units at a price of $0.30 per share, which is now amended to 2,600,000 units for a total proceeds of $780,000.00.

Palcan's unit offering will consist of a total of 2,600,000 common shares being issued at a price of $0.30 per share. The investors will also be granted non-transferable warrants (at the rate of one half warrant per share purchased in the private placement) to purchase up to an additional 1,300,000 common shares for a period of one year at a price of $0.385 per share, and at $0.77 in the second year.