VANCOUVER, Sept. 15, 2009 /CNW/ - Run of River Power Inc. ("ROR Power" or "the Company") (TSX-V: ROR) announces the closing of a non-brokered private placement for total proceeds of $1 million.
A total of 5,900,000 units (the "Units") were issued at a price of $0.17 per unit (the "Offering"). Each unit consists of one common share and one-half of a share purchase warrant (the "Warrants"). Each whole warrant entitles the holder to purchase one additional common share at a price of $0.26 until Sep 15, 2011. The securities issued are subject to a four-month hold period, expiring Jan 15, 2010. Proceeds of the private placement will be used for the continued development of the Company's renewable energy projects and for general working capital purposes.
ROR Power is also pleased to announce the appointment of Peter Zell, P. Eng. to the Board of Directors. Mr. Zell is President of Clean Energy Consulting Inc. He has over 17 years consulting engineering experience specializing in mechanical engineering, biomass power generation and project management. His direct industry experience includes equipment design, manufacturing, and biomass power generation in the pulp and paper sector. Prior to founding Clean Energy Consulting Inc., he was a Principal and VP of Allnorth Consultants Ltd. and of Duncan Industrial Engineering Inc. He has worked on projects throughout British Columbia as well as in Brazil where he was an engineer with Sandwell Engineering. He graduated from the University of British Columbia with a Bachelor of Applied Science in Mechanical Engineering in 1983.
"Peter has in-depth engineering knowledge of the Company's run-of-river and biomass projects," said Jako Krushnisky, President and CEO. "ROR Power engaged his project management services for the preliminary engineering and design of the Mamquam and Pitt River run-of-river power projects. He was an integral member of the team that prepared our submission to BC Hydro's Clean Power Call in November of last year. Not only does Peter provide engineering bench strength to the Board, he is recognized as a leader in both industry and government circles and we are delighted to welcome him to our team."
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.
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.
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SOURCE Run of River Power Inc.
For further information: For further information: Jako Krushnisky, President and CEO, Tel: (604) 946-9232, email@example.com; Vick Dusik, Chief Financial Officer, Tel: (604) 946-9232, firstname.lastname@example.org