Run of River Power insider Real Gamache subscribes for C$1.1M aggregate principal amount of convertible debentures in company's capital; following private placement, Gamache controls 18.7 million shares representing 18.6% of company
VANCOUVER, British Columbia
August 26, 2011
– Mr. Real Gamache, an insider of Run of River Power Inc. (the "Company"), announces that he has subscribed for $1.1 million aggregate principal amount of convertible debentures (the "Debentures") in the capital of the Company pursuant to a non-brokered private placement which closed on August 22, 2011 (the "Private Placement"). The Debentures bear interest at 10% per annum, payable quarterly, and will mature 36 months from August 22, 2011. At the option of Mr. Gamache, the Debentures may be converted into common shares of ROR Power (the "Shares") based on a conversion price of $0.12 per Share.
Following the Private Placement, Mr. Gamache controls 18,737,126 Shares representing 18.61% of the issued and outstanding capital of the Company. Assuming the conversion of the Debentures at a conversion price of $0.12 per Share, Mr. Gamache will control 27,903,793 Shares, or 25.4%, of the issued and outstanding capital of the Company.
The Debentures were acquired by Mr. Gamache for investment purposes. Depending upon market conditions and other factors that Mr. Gamache may deem material to his investment decisions, additional ROR Power securities may be purchased in the open market or in private transactions.