Thursday, Run of River Power Inc. (ROR.V) said it completed the acquisition of 80% of the issued and outstanding shares of Pacific Northwest Biomass Corp. Upon completion of the acquisition, the proposed 30 MW biomass power plant by Pacific Northwest Biomass would produce in excess of 240,000 MWh/yr of green, sustainable energy or electricity for approximately 24,000 homes annually, noted the company.
The company said a total of 4 million shares have been issued to the shareholders of Pacific Northwest Biomass which are held in escrow to be released in two stages. All shares issued to the Pacific Northwest Biomass shareholders are subject to a hold expiring on January 17, 2009.
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