VANCOUVER, May 17 /CNW/ - Run of River Power Inc. ("ROR Power" or the
"Company") (TSX-V: ROR) today announced that, further to a news release
dated April 14, 2011, it has closed a non-brokered private placement of
15,555,555 units of the Company (the "Unit") at a price of $0.09 per
Unit for aggregate gross proceeds of approximately $1.4 million.
The Units consist of one common share of the Company and one-half of one
warrant (each whole warrant, a "Warrant"). Each Warrant will be
exercisable for one common share of the Company for a period of 12
months from the closing date at an exercise price of $0.12.
All securities issued pursuant to this private placement will be subject
to a four month and one day hold period. 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
About Run of River Power Inc.
ROR Power develops renewable, sustainable energy through its portfolio
of clean energy 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 25 MW Skookum Power Project,
awarded an Electricity Purchase Agreement by BC Hydro in 2010. ROR
Power's total development potential in excess of 600 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 completion of the private placement,
the impact of general economic conditions, industry conditions,
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.
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