Natural resource company sells 5.1 million units in non-brokered deal
By Devika Patel
Knoxville, Tenn., Nov. 29 - Reservoir Capital Corp. said it completed a non-brokered private placement of units. The deal priced for C$1.98 million on Oct. 15 and was increased to C$3 million on Oct. 21. The company raised C$3.06 million.
The company sold 5.1 million 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, respectively, to the Oct. 14 closing share price of C$0.58.
Proceeds will be used to support the feasibility studies on the Brodarevo Projects, new business efforts in the renewable energy sector and for general corporate purposes.
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$3.06 million
|
| Units: | 5.1 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
|
| Upsized: | Oct. 21
|
| Settlement date: | Nov. 29
|
| Stock symbol: | TSX Venture: REO
|
| Stock price: | C$0.58 at close Oct. 14
|
| Market capitalization: | C$31.27 million
|
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