Non-brokered offering to finance development of energy projects
By Devika Patel
Knoxville, Tenn., May 17 - Run of River Power Inc. said it concluded a C$1.4 million non-brokered private placement of units. The deal priced for C$1.5 million on April 14.
The company sold 15,555,555 units at C$0.09 apiece. Each unit consists of one common share and one half-share warrant, with each warrant exercisable at C$0.12 for one year. The strike price reflects a 26.32% premium to the April 13 closing share price of C$0.095.
Proceeds will be used for development of the company's renewable energy projects and general working capital purposes.
Vancouver, B.C.-based Run of River develops hydroelectric power generation projects in British Columbia.
Issuer: | Run of River Power Inc.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$1.4 million
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Units: | 15,555,555
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Price: | C$0.09
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.12
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Agent: | Non-brokered
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Pricing date: | April 14
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Settlement date: | May 17
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Stock symbol: | TSX Venture: ROR
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Stock price: | C$0.09 at close April 14
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Market capitalization: | C$8.83 million
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