Run of River Power Announces Closing of Private Placement

VANCOUVER, May 17 /CNW/ - Run of River Power Inc. ("ROR Power" or the "Company") (TSX-V: ROR) today announced that, further to a news release dated April 14, 2011, it has closed a non-brokered private placement of 15,555,555 units of the Company (the "Unit") at a price of $0.09 per Unit for aggregate gross proceeds of approximately $1.4 million.

The Units consist of one common share of the Company and one-half of one warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for one common share of the Company for a period of 12 months from the closing date at an exercise price of $0.12.

All securities issued pursuant to this private placement will be subject to a four month and one day hold period. The Company intends to use the proceeds of the private placement for the continued development of the Company's renewable energy projects and for general working capital purposes.

About Run of River Power Inc.

ROR Power develops renewable, sustainable energy through its portfolio of clean energy projects. The Company operates an Eco Logo© certified hydroelectric power generation station at Brandywine Creek, near Whistler, BC that generates cash flow under a 20-year contract with BC Hydro. ROR Power is well positioned for profitable growth through power generation initiatives that include its 25 MW Skookum Power Project, awarded an Electricity Purchase Agreement by BC Hydro in 2010. ROR Power's total development potential in excess of 600 MW represents a significant opportunity to help BC meet its rising demand for clean, sustainable power and achieve energy self-sufficiency by 2016.

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 completion of the private placement, the impact of general economic conditions, industry conditions, 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

 

SOURCE Run of River Power Inc.

For further information:

Rick Hopp
President and CEO
Tel: 604-946-9232
rhopp@runofriverpower.com  
Vick Dusik
Chief Financial Officer
Tel: (604) 946-9232
vsdusik@runofriverpower.com

 

Profil de l'entreprise

Run of River Power Inc.

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