VANCOUVER, July 26, 2013 /CNW/ - Run of River Power Inc. ("ROR Power" or the "Company") (TSX-V: ROR) announces that it has extended the repayment date of its
outstanding subordinated secured debentures that were previously
announced in the Company's press release dated July 26, 2012 (the "Existing Debentures"). On announcement, the aggregate principal amount outstanding under
the Existing Debentures totaled Cdn$3.65 million, Cdn$2.55 million of
which was raised pursuant to new monies, and Cdn$1.1 million of which
was derived from previously outstanding loans made to the Company that
were rolled into the Existing Debentures. The Company has extended the
repayment date for the Existing Debentures from July 25, 2013 to
January 31, 2014.
In addition, the Company announces the repayment of the full amount
owing, being Cdn$200,000, to one of the holders of the Existing
Debentures (the "Repayment"), and the issuance of a new debenture in the principal amount of
Cdn$50,000, in substantially the same form as the Existing Debentures,
as amended (the "New Debenture") and together with the Existing Debentures, as amended, (the "Amended Debentures"). The aggregate principal amount outstanding under the Amended
Debentures, after giving effect to the Repayment, is Cdn$3.5 million.
The principal amount of the Amended Debentures bears an interest rate
of 12% per annum, payable quarterly in cash.
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.
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 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.
SOURCE: Run of River Power Inc.
For further information:
Richard W. Hopp
President and CEO