ALLOT: PLU: PULSE RAISES $1 MILLION IN PRIVATE PLACEMENTS

18 Jun 2010 5:18 pm

PLU 18/06/2010 ALLOT

REL: 1718 HRS Pulse Utilities New Zealand Limited

ALLOT: PLU: PULSE RAISES $1 MILLION IN PRIVATE PLACEMENTS

18 June 2010

NZX Announcement

PULSE RAISES $1 MILLION IN PRIVATE PLACEMENTS

Pulse Utilities New Zealand Limited (Pulse) is pleased to advise that it has today raised $1 million in new capital by placing 2,052,000 ordinary shares to qualified investors at an issue price of $0.50 per share.

The Board is very pleased with the continued success of Pulse in raising new capital as it continues to rapidly develop its retail electricity business. The new capital raised will be used for general working capital purposes.

In light of these placements, the ability of Pulse to place further shares under the listing rules is now restricted with its 25% capacity nearly used up. A pre break announcement follows this announcement to enhance this placement capacity and to authorise the continuation Pulse's convertible note programme.

Pulse has also placed a further $15,000 of convertible notes on the terms approved by shareholders at last year's special meeting.

Full particulars of these allotments in accordance with the listing rules follow.

For more information contact:

Dene Biddlecombe

Chief Executive Officer

Pulse Utilities

Tel +64 9 378 9981

Email: dene.biddlecombe@punz.co.nz

www.punz.co.nz

About Pulse Utilities:

Pulse Utilities New Zealand Limited was listed on the New Zealand Stock Exchange - on the NZAX Board in November 2007.

www.punz.co.nz

About Pulse Energy:

Pulse Energy is the trading name of Pulse Utilities New Zealand (PUNZ). Pulse Energy is committed to bringing lower cost electricity to New Zealand Households. It is also the country's fastest growing independent electricity retailer. Incorporated in 2004, PUNZ developed unique and patented technology to easily and efficiently measure utility usage through their Smart Meter device. In 2007, the company was listed on the NZAX.

www.pulseenergy.co.nz

Ordinary Shares

Class of security: Ordinary Shares ISIN: NZPLUE0001S8 Number issued: 2,052,000 Issue price: $0.50 per share Payment in cash: Yes Fully paid: Yes Percentage of class: 8.10% Purpose of the issue: Funds raised will be applied for general working capital purposes Authority for the issue: Directors Certificate Date of issue: 18 June 2010 Total number of securities on issue following allotments: 27,374,952 ordinary shares

Convertible Notes

Class of security: Convertible Notes ISIN: N/A - unlisted securities Number issued: 15,000 Issue price: $1.00 per Note Payment in cash: Yes Fully paid: Yes Percentage of class: N/A Purpose of the issue: To raise funds for general working capital purposes. Authority for the issue: Board resolutions. Terms of Issue: As described in the notice of meeting for the shareholder meeting that was held on 15 April 2009. Total number of securities on issue following allotments: 3,564,500 Convertible Notes 27,374,952 Ordinary Shares Date of issue: 18 June 2010 End CA:00196286 For:PLU Type:ALLOT Time:2010-06-18:17:18:31

More announcements for PLU