VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2011) - Reservoir Capital Corp. (TSX VENTURE:REO)(FRANKFURT:ROC)(BERLIN:ROC) is pleased to report that of the 8,333,333 share purchase warrants ("Warrants") issued as part of its private placement financing completed on September 4, 2009, shareholders have exercised 7,869,333 for net proceeds to the Company of $7,082,400. Pursuant to the terms of these Warrants, the expiry date of those remaining will now be accelerated to 4:00 p.m. (Vancouver time) on April 1, 2011.
Miles Thompson, Chairman of Reservoir, commented: "The majority of these warrants have now been exercised and we would like to once again take this opportunity to thank our loyal shareholders for the confidence and support that we have received through this process."
A total of 8,333,333 Warrants were issued in the placement, of which 464,000 are still outstanding, with 160,000 held by insiders. Each Warrant entitles the holder to purchase of one common share of Reservoir at a price of $0.90 per share until September 4, 2011. If the closing price of the Shares on the TSX Venture Exchange is $1.20 or greater for a period of 20 consecutive trading days (which has now occurred) the Company may give notice of an earlier expiry of the Warrants, in which case the Warrants shall expire 26 trading days after mailing such notice.
Reservoir is a renewable energy company, engaged in development of a 58.4 MW hydroelectric project at Brodarevo in southwest Serbia. Reservoir holds four geothermal exploration licenses in Serbia and has applied for three hydroelectric licenses on the Cehotina River in Bosnia (17.75 MW) and one to develop a 32 MW project from an existing reservoir dam at Vrutci in Serbia. The Company holds a portfolio of 8 precious and base metal exploration properties in Serbia, with Freeport McMoRan Exploration Corp farming into two of them. Reservoir's common shares trade on the TSX Venture Exchange (symbol "REO") and on the Frankfurt and Berlin Exchanges (symbol "ROC").