Management shows that they do care ROR share holders...to increase their value....and working hard to complete existing project and to bring new projects...
Mr. Rick Hopp reports
ROR POWER ANNOUNCES PRIVATE PLACEMENT
Run of River Power Inc. has arranged a non-brokered private placement of up to 16,666,667 units of the company at a price of nine cents per unit for aggregate gross proceeds of up to $1.5-million. The units will consist of one common share of the company and one-half of one 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 12 cents. All securities issued pursuant to this private placement will be subject to a four-month-and-one-day hold period after the closing date.
Insiders of the company will be subscribing for 11,666,666 units of the 16,666,667 units issued, which are greater than 25 per cent of the private placement. These insiders are Real Gamache, Peter Zell and Brett Robinson. Accordingly, the private placement will be a related-party transaction for the purposes of Multilateral Instrument 61-101 (protection of minority securityholders in special transactions). The company will rely on an exemption from the minority approval requirements of MI 61-101 as the fair market value does not exceed the applicable limit set out in MI 61-101.
The private placement is subject to the approval of the TSX Venture Exchange. The private placement is expected to close on or about April 20, 2011. 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.