VANCOUVER, July 14, 2010 /CNW/ - Run of River Power Inc. (TSX-V: ROR) ("ROR Power" or "the Company") today announced a private placement of up to $3 million of convertible debentures (the "Debentures").
The Debentures will bear interest at the rate of 10% per annum, calculated and payable quarterly and will mature 12 months following the date of issuance. The principal amount of the Debentures will be convertible at the election of holders at any time prior to maturity into fully paid common shares of the Company at a conversion price of $0.23. Subject to the conversion rights, the Debentures will be redeemable at the Company's option at any time after three months from the date of issuance.
Proceeds from the private placement will be used to fund development of the Company's Run of River projects and for general working capital purposes. Finders fees may be payable by the Company in such amounts as permitted by the policies of the TSX Venture Exchange. The private placement is subject to acceptance by the TSX Venture Exchange.
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(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.
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: Vick Dusik, Chief Financial Officer, Tel: 604-946-9232, email@example.com