VANCOUVER, Dec. 31, 2009 /CNW/ - Run of River Power Inc. ("ROR Power" or the "Company") (TSX-V: ROR) today announced that, further to a news release dated December 30, 2009, it has closed its non-brokered private placement (the "Offering") of 12,200,260 common shares of the Company (the "Shares") at a price of $0.19 per Share for aggregate gross proceeds of $2,318,050.
The Offering closed on December 31, 2009 (the "Closing Date") after receiving acceptance from the TSX Venture Exchange. All Shares issued pursuant to the private placement are subject to a hold period expiring four months and a day from the Closing Date.
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 run-of-river and biomass projects in British Columbia (BC). 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 the company's high-quality power generation initiatives. 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.
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, imperfection of reserve estimates, 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: For further information: Jako Krushnisky, President and CEO, Run of River Power Inc., Tel: (604) 946-9232, firstname.lastname@example.org; Vick Dusik, Chief Financial Officer, Run of River Power Inc., Tel: (604) 946-9232, email@example.com; www.runofriverpower.com