Run of River Power Announces Debenture Financing
27 July 2012 - 9:00AM
PR Newswire (Canada)
VANCOUVER, July 26, 2012 /CNW/ - Run of River Power Inc. ("ROR
Power" or the "Company") today announced that it has completed a
private placement of $3.65 million in subordinated secured
debentures ("Debentures"). The principal amount of the Debentures
will bear interest at a rate of 12% per annum, payable quarterly in
cash, and the Debentures will mature in one year. The proceeds of
the private placement will be used to develop, with its partner
Concord Pacific, the Skookum power project and for general
corporate and working capital requirements. A related party of the
Company will be subscribing for $2 million in Debentures.
Accordingly, the transaction will be a "related party transaction"
for the purposes of Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI 61-101").
The Company will rely on an exemption from the minority approval
and valuation requirements of MI 61-101. About Run of River Power
Inc. ROR Power develops renewable, sustainable energy through its
portfolio of clean energy projects. The company helps diversify
BC's energy mix by providing a cleaner way to generate power and
increasing the security of BC's energy supply. ROR Power operates
an Eco Logo© certified hydroelectric power generation station at
Brandywine Creek, near Whistler, BC that provides green power for
about 4,000 homes. With a total development potential of
approximately 400 MW, the company is well positioned for profitable
growth. Forward-Looking Statements Certain information regarding
the Company set forth in this press release, including management's
assessment of the Company's future plans and operations contains
forward looking statements that involve substantial known and
unknown risks and uncertainties. These forward looking statements
are subject to numerous risks and uncertainties, some of which are
beyond the Company's and management's control, including but not
limited to, the repayment of the Debentures, the impact of general
economic conditions, industry conditions, fluctuation of foreign
exchange rates, environmental risks, industry competition,
availability of qualified personnel and management, stock market
volatility, timely and cost effective access to sufficient capital
from internal and external sources. The Company's actual results,
performance or achievement could differ materially from those
expressed in or implied by, these forward looking statements and
accordingly, no assurance can be given that any of the events
anticipated to occur or transpire from the forward looking
statements will provide any benefits to the Company. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
www.runofriverpower.com Run of River Power Inc. CONTACT:
Information Contact Richard W. HoppPresident and CEOTel:
604-946-9232rhopp@runofriverpower.com
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