|December 05, 2017|
Completion of Private Placement and Conversion of Balance of Loan Agreement
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Vancouver, British Columbia (TSX Venture: REO) - Reservoir Capital Corp. ("Reservoir" or the "Company") is pleased to announce it has completed its private placement financing announced November 14, 2017 (the "Private Placement") raising $872,500 through the issue of 17,450,000 common shares at $0.05 per share. The Company paid finder's fees of 2% ($16,250) in respect of subscriptions from investors introduced by Kappafrik Group ($13,050), CRM Global Capital Group ($2,000), and Haywood Securities ($1,200).
The net proceeds of the offering will be used to explore for hydropower transaction opportunities in frontier regions and for general corporate purposes.
The Company also announces that, simultaneous with the closing of the Private Placement, the Company has converted the remaining $60,000 of a $200,000 loan pursuant to the unsecured loan agreement entered into on June 7, 2017 (the "Loan Agreement") into 1,200,000 units. Each unit consisted of one common share and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable to acquire one common share until December 5, 2018 at an exercise price of $0.05. For further details regarding the Loan Agreement, please see news release dated June 9, 2017 available at www.sedar.com).
The shares issued in the Private Placement and loan conversion, including shares issuable on exercise of the Warrants, are subject to restrictions on transfer under Canadian securities law and TSX Venture Exchange policy expiring, at the earliest, on April 8, 2018. Following closing of the Private Placement and loan conversion, the Company has 48,164,424 shares outstanding.
Reservoir is a renewable energy company engaged in hydroelectric projects in frontier regions. Reservoir's common shares trade on the TSX Venture Exchange (symbol "REO").
For further information on Reservoir Capital Corp., please consult the Company's website www.reservoircapitalcorp.com.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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