|February 07, 2019|
Reservoir Capital Corp. receives bonus shares in Nigerian hydro investment
|February 7, 2019|
Vancouver, British Columbia (CSE: REO) - Reservoir Capital Corp. ("REO") is pleased to announce that its subsidiary, Kainji Power Holding Limited ("KPHL") has received a one-for-five bonus share issuance from its interest in Mainstream Energy Solutions Limited ("MESL"). As a result, KPHL now owns 10,131,999 MESL shares, an increase of 1,688,666 shares from its previous holdings of 8,443,333 shares. The bonus shares were issued to all MESL shareholders on a pro rata basis. At the same time, MESL issued17,600,000 shares into a trust for its newly-created Employee Share Ownership Plan. The bonus share issuance and the creation of the ESOP have increased MESL's outstanding share count from 402 million to the maximum 500 million shares permitted under its By-Laws.
CEO Lewis Reford commented, "MESL's share bonus is another positive step forward, following its full de-leveraging to become debt-free and the initiation of dividend payments, both of which took place in 2018. MESL's adoption of an ESOP is an encouraging and progressive step by this leading African clean power producer, which REO strongly supports."
About Kainji Power Holding Limited
KPHL is a single-purpose entity that holds a minority interest in MESL, concessionaire of two leading Nigerian hydro power plants located at Kainji and Jebba on the Niger River with an operating capacity of 922MW Through its interest in KPHL, REO currently nets approximately 12MW of operating capacity.
About Reservoir Capital Corp.
REO's Vision & Mission is to assemble a portfolio of producing or near-production clean energy assets in emerging markets.
REO's strategy to achieve its Vision is to approach owners of privately-held quality assets and offer their investors diversification, liquidity and exposure to a growing portfolio following a disciplined investment policy.
REO's investment policy consists of taking carefully selected minority economic interests in key geographies, targeting regular dividend income over long periods, while offering the potential for capital gain in the medium term.
Investors are cautioned that trading in the securities of REO should be considered highly speculative. Additional information on these and other factors that could affect the operations or financial results of REO are included in REO'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 CSE have neither approved nor disapproved the contents of this news release.
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NEITHER THE CSE NOR THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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