VANCOUVER, Jan. 20 2011 /CNW/ - Run of River Power Inc. (TSX-V: ROR) ("ROR Power" or "the Company")
today announced the closing of a $1.2 million non-brokered private
placement of unsecured debentures (the "Debentures"). A director and
officer of the Company as well as associates of two other directors
have participated to the extent of $500,000 of the aggregate offering.
The Debentures bear interest at a rate of 12.0% per annum, calculated
and payable quarterly and will mature 12 months following the date of
issuance. The Debentures will be redeemable at the Company's option at
any time after six months following the closing date, upon payment of
the outstanding principal amount of the Debentures, interest due or
accruing up to the date of redemption and a redemption bonus of 1.0 %
for every month remaining to maturity.
Proceeds from the financing will be used to fund ongoing development of
the Company's renewable energy projects and for general working capital
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. The
Company operates an Eco Logo© 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.
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.
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