|September 21, 2018|
Reservoir Capital Corp. Completes Acquisition of an Indirect Interest in Mainstream Energy Solutions Limited
|Vancouver, British Columbia - Reservoir Capital Corp. ("Reservoir") is pleased to announce that it has completed the previously announced acquisition of a 60% interest in Kainji Power Holding Limited ("KPHL"), resulting in Reservoir owning an indirect minority (approximately 1.3%) interest in Mainstream Energy Solutions Limited (the "Transaction"). As conditions to completion of the Transaction, Reservoir has received approval of the Canadian Securities Exchange (the "CSE") to list its common shares (the "REO Shares") for trading and has received approval from the TSX Venture Exchange (the "TSXV") to have the REO Shares de-listed, which became effective at the close of business on September 18, 2018. Completion of the Transaction was approved by consent of 18 large shareholders of Reservoir, representing 70.4% of the issued and outstanding REO Shares.|
Trading in the REO Shares has been halted by the TSXV since February 6, 2018 following the announcement by Reservoir of the Heads of Agreement dated February 5, 2018 between Reservoir and KPHL relating to the Transaction. The REO Shares are anticipated to commence trading on the CSE on or about Wednesday, September 26, 2018.
Upon closing of the Transaction, Michael Winn, Miles Thompson and Patrick Trustram-Eve resigned as Directors of Reservoir and were replaced with Vincent Gueneau, Vianney Mathonnet and Andrea Zaradic. The current officers of Reservoir will continue to serve in their positions post-closing.
With completion of the Transaction, Reservoir becomes a clean power investment vehicle with a minority interest in Nigeria's leading producing hydropower company and the prospect of an ongoing dividend stream, no project development risk and immediate diversification. Reservoir's future investment strategy targets regular income over long periods, as well as substantial capital growth in the medium term, by acquiring carefully selected minority economic interests, at attractive valuations, in a balanced portfolio of producing or near production clean power assets in frontier markets.
Investors are cautioned that, except as disclosed in the CSE Listing Statement prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Reservoir should be considered highly speculative. Additional information on these and other factors that could affect the operations or financial results of Reservoir are included in Reservoir's CSE Listing Statement and most recently filed quarterly report, each of which is filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com).
The TSXV and CSE have in no way passed upon the merits of the Transaction and have neither approved nor disapproved the contents of this news release.
For further information, contact;
CEO, Reservoir Capital Corp.
This press release contains forward-looking information based on current expectations. Statements about the anticipated listing of the REO Shares on the CSE are all forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, including the risk that Reservoir will not receive final approval from the CSE to list the REO Shares. In making the forward-looking statements, Reservoir has applied several material assumptions including, but not limited to, the assumption that Reservoir will obtain CSE final approval to list the REO Shares. Reservoir assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
NEITHER THE CSE, TSXV NOR THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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