Director and Private Investor Complete ROR Power Convertible Debenture
Acquisitions
VANCOUVER, Sept. 13, 2010 /CNW/ - Peter Zell, a director of Run of River Power Inc. (the "Company"), and Real Gamache, a private investor, today announced they have each acquired ownership and control of convertible debentures pursuant to a private placement conducted by the Company.
Mr. Zell, through a private company controlled by him, acquired a convertible debenture in the amount of $250,000 convertible at a rate of $0.23 per share into 1,086,956 common shares of the Company. Mr. Zell currently holds 9,031,090 common shares representing approximately 10.2% of the total issued and outstanding common shares of the Company as of September 9, 2010 (undiluted). Assuming that the convertible debentures and certain share purchase warrants and options held by Mr. Zell are fully converted and exercised, Mr. Zell will control 11,643,046 common shares representing approximately 12.8% of all issued and outstanding shares of the Company (on a partially diluted basis assuming only the conversion and exercise of Mr. Zell's convertible securities).
Mr. Gamache acquired a convertible debenture in the amount of $1,000,000 convertible at a rate of $0.23 per share into 4,347,826 common shares of the Company. Mr. Gamache currently holds 12,626,015 common shares representing approximately 14.3% of the total issued and outstanding common shares of the Company as of September 9, 2010 (undiluted). Assuming that the convertible debentures and certain share purchase warrants held by Mr. Gamache are fully converted and exercised, Mr. Gamache will control 17,711,341 common shares representing approximately 19.0% of all issued and outstanding shares of the Company (on a partially diluted basis assuming only the conversion and exercise of Mr. Gamache's convertible securities).
The shares were acquired by Mr. Zell and Mr. Gamache for investment purposes. Depending upon market conditions and other factors that they may deem material to their respective investment decisions, Mr. Zell and/or Mr. Gamache may acquire additional shares in the open market or in private transactions.
About Run of River Power Inc.
ROR Power develops renewable, sustainable energy through its portfolio of run-of-river and biomass projects. 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 715 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
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.
For further information: For further information: concerning the foregoing or a copy of the Early Warning Reports filed on SEDAR today, please contact: Vick Dusik, Chief Financial Officer, Run Of River Power Inc., Tel: 604-946-9232, [email protected]
Share this article