VANCOUVER, May 28, 2010 /CNW/ - Private investors Real Gamache and Terese Michon, shareholders of Run of River Power Inc. (the "Company") (TSX-V:ROR), today announced they have each acquired ownership and control of 8,875,000 common shares of the Company pursuant to private transactions. The shares were acquired at a purchase price of $0.25 per share, representing an aggregate purchase price of $4,437,500.
Following the private transactions, the common shares acquired by Mr. Gamache, together with other common shares of the Company held by Mr. Gamache, represent approximately 14.6% of the total issued and outstanding common shares of the Company as of May 19, 2010 (undiluted). Assuming that certain share purchase warrants already held by Mr. Gamache are fully exercised, Mr. Gamache will control 13,363,515 common shares representing approximately 15.4% of all issued and outstanding shares of the Company.
The common shares acquired by Ms. Michon, together with other common shares of the Company held by Ms. Michon, represent approximately 14.4% of the total issued and outstanding common shares of the Company as of May 19, 2010 (undiluted). Assuming that certain share purchase warrants already held by Ms. Michon are fully exercised, Ms. Michon will control 13,124,895 common shares representing approximately 15.1% of all issued and outstanding shares of the Company.
The shares were acquired by Mr. Gamache and Ms. Michon for investment purposes. Depending upon market conditions and other factors that they may deem material to their respective investment decisions, Mr. Gamache and/or Ms. Michon may acquire additional shares in the open market or in private transactions.
About Run of River Power Inc.
Run Of River Power Inc. (ROR Power) develops renewable, sustainable energy through its portfolio of run-of-river and biomass projects in British Columbia. The Company operates an Eco Logo(C) 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 Mamquam Power Project, selected by BC Hydro for an Electricity Purchase Agreement. ROR Power's total development potential, in excess of 740 MW, represents a significant opportunity to help BC meet its rising demand for clean, sustainable power and achieve energy self sufficiency by 2016.
Statements in this release which describe Run of River Power Inc.'s intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve unknown risks and uncertainties which may cause the actual results, performances or achievements of Run of River Power Inc. to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. Run of River Power Inc. may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.
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.
SOURCE Run of River Power Inc.
For further information: For further information: concerning the foregoing or a copy of the Early Warning Reports filed on SEDAR, please contact: Vick Dusik, Chief Financial Officer, Run Of River Power Inc., Tel: (604) 946-9232, firstname.lastname@example.org