Non-brokered offering sells two tranches of three-year 10% debentures
By Devika Patel
Knoxville, Tenn., June 29 - Run of River Power Inc. said it settled the initial tranche of a C$5.1 million non-brokered private placement of 10% three-year convertible debentures. The company raised C$1.6 million in this closing.
The first-tranche debentures are initially convertible into common stock at C$0.11 per share, a 22.22% premium to C$0.09, the closing share price on June 22.
The second tranche debentures will be convertible into shares at a rate equal to 125% of the share price, calculated using the five-day volume weighted average price ending on the day immediately prior to Aug. 31.
Settlement of the second and final C$3.5 million tranche is expected Aug. 31.
Proceeds will be used for working capital and general corporate purposes.
Vancouver, B.C.-based Run of River develops hydroelectric power generation projects in British Columbia.
Issuer: | Run of River Power Inc.
|
Issue: | Convertible debentures
|
Amount: | C$5.1 million
|
Maturity: | Three years
|
Coupon: | 10%
|
Conversion price: | C$0.11 (tranche 1)
|
Warrants: | No
|
Agent: | Non-brokered
|
Pricing date: | June 23
|
Settlement date: | June 29 (for C$1.6 million), Aug. 31 (for C$3.5 million)
|
Stock symbol: | TSX Venture: ROR
|
Stock price: | C$0.09 at close June 23
|
Market capitalization: | C$8.56 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.