Company offers five million units at C$0.60 each in non-brokered deal
By Marisa Wong
Madison, Wis., Oct. 21 - Reservoir Capital Corp. said it is increasing the number of units offered in its previously announced non-brokered private placement to five million units from 3.3 million units.
The deal will now raise C$3 million, up from C$1.98 million.
The company will sell the units at C$0.60 apiece. Each unit consists of one common share and one two-year warrant. The warrants are each exercisable at C$0.80 in the first year and at C$0.90 thereafter.
The strike prices reflect 37.93% and 55.17% premiums to the Oct. 14 closing share price of C$0.58.
If, after four months from closing, Reservoir shares close at or above C$1.20 for 20 consecutive trading days, the company will give notice of an earlier expiration for the warrants - 21 trading days from such notice.
Reservoir Capital is a natural resource company based in Vancouver, B.C.
| Issuer: | Reservoir Capital Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million, up from C$1.98 million
|
| Units: | Five million, increased from 3.3 million
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80 in the first year, C$0.90 thereafter
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 15 for 3.3 million units; Oct. 21 for additional 1.7 million units
|
| Stock symbol: | TSX Venture: REO
|
| Stock price: | C$0.76 at close Oct. 20
|
| Market capitalization: | C$29.08 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
