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.
Forward-Looking Statements
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.
www.runofriverpower.com
SOURCE Run of River Power Inc.