Deal sells common-share units of one share and one five-year warrant
By Devika Patel
Knoxville, Tenn., Jan. 21 – Reservoir Capital Corp. said it raised C$199,400 in the second tranche of a C$1 million private placement of units. The deal priced on Oct. 14 and raised C$660,000 on Dec. 1.
The company is selling 2.5 million units of one common share and one warrant at C$0.40 per unit. It sold 1.65 million units in the initial tranche and 498,500 units in the second tranche.
The warrants are each exercisable at C$0.60 for five years, with the first-tranche warrants expiring on Dec. 1, 2019 and the second-tranche warrants expiring on Jan. 21, 2020. The strike price reflects a 30.44% premium to the Oct. 10 closing share price of C$0.46.
Proceeds will be used for permitting work on the Brodarevo Hydroelectric Project in Serbia, new business efforts in Italy and general corporate purposes.
Reservoir is a natural resource company based in Vancouver, B.C.
| Issuer: | Reservoir Capital Corp.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1 million
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| Units: | 2.5 million
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| Price: | C$0.40
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years, Dec. 1, 2019, Jan. 21, 2020
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| Warrant strike price: | C$0.60
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| Pricing date: | Oct. 14
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| Settlement date: | Dec. 1 (for C$660,000), Jan. 21 (for C$199,400)
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| Stock symbol: | TSX Venture: REO
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| Stock price: | C$0.46 at close Oct. 10
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| Market capitalization: | C$1.56 million
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