Reservoir Capital Corp. Announces Shareholder and Court Approval of Arrangement With Reservoir Minerals Inc.
14 October 2011 - 5:53AM
Marketwired
Reservoir Capital Corp. (TSX
VENTURE:REO)(FRANKFURT:ROC)(BERLIN:ROC) ("Reservoir" or the
"Company") is pleased to announce that its shareholders voted 99%
in favour of approving the previously announced plan of arrangement
("Arrangement") under which Reservoir will be reorganized into two
companies, being the Company and Reservoir Minerals Inc.
("Minerals"), by the spin-out of certain Serbian mineral
exploration permits to Minerals, by means of a plan of arrangement
pursuant to the Business Corporations Act (British Columbia) (the
"Spin-out Transaction"). Subsequently, the Supreme Court of British
Columbia approved the Arrangement. Minerals and Reservoir are
currently completing the final steps for the closing of the
Spin-out Transaction.
The details of the reorganization are set out in Reservoir's
management information circular dated September 12, 2011 as mailed
to shareholders and available on SEDAR at www.SEDAR.com. Further
details of the transaction are also set out in Reservoir's press
releases dated March 25, 2011 and September 13, 2011.
The effective time for the return of capital to shareholders of
Reservoir pursuant to the Arrangement is 12:01 a.m. on the
effective date of the Arrangement.
About the Company
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, that are the subject of the Spin-out
Transaction. Reservoir's common shares trade on the TSX Venture
Exchange (symbol "REO") and on the Frankfurt and Berlin Exchanges
(symbol "ROC").
For further information on Reservoir Capital Corp., please
consult the Company's website www.reservoircapitalcorp.com.
Except for statements of historical fact relating to the
Company, some statements in this news release contain
forward-looking statements and information ("forward-looking
statements"). Forward-looking statements are frequently
characterized by words such as "plan", "expect", "project",
"intent", "believe", "anticipate" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. These statements
include, but are not limited to, statements with respect to the
intention of the parties to complete the Spin-out Transaction and
the expected effect of the proposed Spin-out Transaction. These
statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements. Such factors
and assumptions include, among others, the effects of general
economic conditions, the price of natural resources, changing
foreign exchange rates and actions by government authorities,
uncertainties associated with legal proceedings and negotiations
and misjudgements in the course of preparing forward-looking
information.
In addition, there are known and unknown risk factors which
could cause the Company's actual results, performance or
achievements to differ materially from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Known risk factors include risks
associated with the ability to obtain any necessary approvals,
waivers, consents and other requirements necessary or desirable to
permit or facilitate the Spin-out Transaction; the risks that any
applicable conditions of the proposed transaction may not be
satisfied, risks associated with project development; the need for
additional financing; operational risks associated with mining and
mineral processing; the uncertainties involved in interpreting
drilling results and other ecological data; fluctuating metal
prices; the possibility of project cost overruns or unanticipated
costs and expenses; uncertainties relating to the availability and
costs of financing needed in the future; title matters;
environmental liability claims and insurance; reliance on key
personnel; the potential for conflicts of interest among certain
officers, directors or promoters of the Company with certain other
projects; currency fluctuations; competition; dilution; the
volatility of the Company's common share price and volume; tax
consequences to investors; and other factors described in the
section entitled "Risks" in the Company's Management's Discussion
and Analysis for the year ended April 30, 2011 and other risks and
uncertainties. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that
statements are made and the Company undertakes no obligation to
update forward-looking statements if these beliefs, estimates and
opinions or other circumstances should change, expect as required
by applicable securities law. Circumstances or management's
estimates or opinions could change. The reader is cautioned not to
place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Reservoir Capital Corp. Chris MacIntyre VP Corporate
Development
+1.416.703.0010cmacintyre@reservoircapitalcorp.comwww.reservoircapitalcorp.com
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