Published on 2/6/2015 in the Prospect News PIPE Daily.
Reservoir completes C$999,700 units placement with C$140,300 tranche
Deal sells common-share units of one share and one five-year warrant
By Devika Patel
Knoxville, Tenn., Feb. 6 – Reservoir Capital Corp. said it raised C$140,300 in the third and final tranche of a C$999,700 private placement of units. The deal priced for C$1 million on Oct. 14, raising C$660,000 on Dec. 1 and C$199,400 on Jan. 21.
The company sold 2,499,250 units of one common share and one warrant at C$0.40 per unit. It sold 1.65 million units in the initial tranche, 498,500 units in the second tranche and 350,750 units in the final tranche.
The warrants are each exercisable at C$0.60 for five years, with the first-tranche warrants expiring on Dec. 1, 2019, the second-tranche warrants expiring on Jan. 21, 2020 and the third-tranche warrants expiring on Feb. 6. 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$999,700
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Units: | 2,499,250
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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, Feb. 6, 2020
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Warrant strike price: | C$0.60
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Pricing date: | Oct. 14
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Settlement dates: | Dec. 1 (for C$660,000), Jan. 21 (for C$199,400), Feb. 6 (for C$140,300)
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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$1.39 million
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