VANCOUVER,
March 14, 2014 /CNW/ - Run of
River Power Inc. ("ROR Power" or the "Company")
(TSXV: ROR) further to the Company's news release on February 5, 2014, Run of River Power Inc.
announces the anticipated total cost over-run has increased from
$12.8 M to $14.7M (the "Cost Over-run") on the
Skookum Creek Power Project (the "Project"). If the Cost
Over-run becomes final the Company is obligated to repay to the
Partnership $2.5M. The Company's
maximum liability for repayment of the Cost Over-run is capped at
$2.7M, a level which would be reached
with a further $0.2M in Cost Over-run
for a total Cost Over-run of $14.9M.
The targeted completion of the Project is set for the end of
March 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.
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.
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.
SOURCE Run of River Power Inc.