Press release from CNW Group
Run of River Power Amends Secured Debenture Terms
Friday, July 26, 2013
Run of River Power Amends Secured Debenture Terms19:00 EDT Friday, July 26, 2013
VANCOUVER, July 26, 2013 /CNW/ - Run of River Power Inc. ("ROR Power" or the "Company") (TSX-V: ROR) announces that it has extended the repayment date of its outstanding subordinated secured debentures that were previously announced in the Company's press release dated July 26, 2012 (the "Existing Debentures"). On announcement, the aggregate principal amount outstanding under the Existing Debentures totaled Cdn$3.65 million, Cdn$2.55 million of which was raised pursuant to new monies, and Cdn$1.1 million of which was derived from previously outstanding loans made to the Company that were rolled into the Existing Debentures. The Company has extended the repayment date for the Existing Debentures from July 25, 2013 to January 31, 2014.
In addition, the Company announces the repayment of the full amount owing, being Cdn$200,000, to one of the holders of the Existing Debentures (the "Repayment"), and the issuance of a new debenture in the principal amount of Cdn$50,000, in substantially the same form as the Existing Debentures, as amended (the "New Debenture") and together with the Existing Debentures, as amended, (the "Amended Debentures"). The aggregate principal amount outstanding under the Amended Debentures, after giving effect to the Repayment, is Cdn$3.5 million. The principal amount of the Amended Debentures bears an interest rate of 12% per annum, payable quarterly in cash.
About Run of River Power Inc.
ROR Power develops renewable, sustainable energy through its portfolio of clean energy projects. The company helps diversify BC's energy mix by providing a cleaner way to generate power and increasing the security of BC's energy supply. ROR Power operates an Eco Logo© certified hydroelectric power generation station at Brandywine Creek, near Whistler, BC that provides green power for about 4,000 homes. With a total development potential of approximately 400 MW, the company is well positioned for profitable growth.
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 impact of general economic conditions, industry conditions, fluctuation of foreign exchange rates, 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.
For further information:
Richard W. Hopp
President and CEO