News today - wowzersWell, lesson learned. I bought in when the powercall in BC was to be announced, thinking these guys would be winners since they had something already going (piss-poor 'something', but still comething). Then it bombed. Then a little hope with the new project... and now this... Lesson learned... Will avoid any of this management team in the future (assuming they somhow manage to do anything more than... well, you get the idea... after this).
VANCOUVER, Feb. 5, 2014 /CNW/ - Run of River Power Inc. ("ROR Power" or the "Company") (TSX-V: ROR) announces that a total cost over-run of $12.8M is anticipated (the "Cost Over-run") on the Skookum Creek Power Project (the "Project"), representing $10.9M in cost over-runs to-date and a further estimated $1.9M in additional cost over-runs. If the Cost Over-run becomes final and further to the Company's Management Discussion and Analysis for the quarter ended September 30, 2013, the Company's acquirable equity stake in the Skookum Creek Power Partnership (the "Partnership") upon exercising its convertible royalty interest will be further reduced from 27% (originally 50%) to nil. The annual royalty in the Project will also be further diluted from 5.42% (originally 10%) of the Project's gross revenues to nil and the Company will not provide services under the management services agreement to the Project. The targeted completion of the Project is set for the end of February 2014.
The Partnership and the Company are investigating ways to defray the Cost Over-run while preserving value to the shareholders. An update will be provided once additional information is available.
Read more at https://www.stockhouse.com/news/press-releases/2014/02/05/run-of-river-power-provides-skookum-power-project-update#zXS6FJJFMBBQg7Pl.99