British Columbia-based renewable energy developer Run of River Power closes private placement of 15.6 million units for gross proceeds of about US$1.4M, will use proceeds to continue developing projects
VANCOUVER, British Columbia
May 17, 2011
– 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 purposes.
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.