Reservoir Capital Corp. Completes Transaction to Secure 100% Ownership of Kainji Power Holding Limited and Adds to Management Team
VANCOUVER, British Columbia, Oct. 29, 2019 (GLOBE NEWSWIRE) — (CSE: REO) – Reservoir Capital Corp. (CSE: REO) (“REO” or the “Company”) is pleased to announce that it has completed its previously announced acquisition of shares of Kainji Power Holding Limited (“KPHL”) from Mr. Vincent Gueneau, the Company’s Executive Chairman, whereby the Company acquired Mr. Gueneau’s 5% ownership interest in the Company’s 95%-owned subsidiary KPHL (the “Transaction“) for a mix of cash and REO common shares (the “REO Shares”). Following the Transaction, the Company owns 100% of KPHL.
The REO Shares issued under the Transaction are subject to a four-month hold period and restrictions on transfer under Canadian securities law.Early Warning DisclosureThe Company wishes to update certain disclosure contained in its News Release dated October 7, 2019. As disclosed in the Company’s October 7, 2019 News Release, prior to completion of the Transaction, Mr. Gueneau beneficially owned 36,000,000 REO Shares and exercised control over 88,800,000 REO Shares (held through Kappafrik Management DMCC (“KMGT”)), representing approximately 25.94% of the Company’s 481,047,377 issued and outstanding shares on an undiluted basis.
Immediately after the completion of the Transaction, Mr. Gueneau beneficially owned and exercised control over a total of 135,800,000 REO Shares representing approximately 27.47% of the Company’s 494,347,377 issued and outstanding common shares on an undiluted basis. Those shares are held as follows: 37,000,000 REO Shares are held in Mr. Gueneau personal name, 88,800,000 REO Shares are held through KMGT and 10,000,000 REO Shares held through Kapower Ltd.Mr. Gueneau intends to hold his REO Shares for investment purposes. Although VG does not intend to acquire further REO Shares at this time, he may choose to do so as market conditions warrant. A copy of the early warning report filed by Mr. Gueneau, in accordance with applicable securities laws, is available under the profile for the Company on SEDAR (www.sedar.com). To obtain a copy of the early warning report, or for any further information, contact Lewis Reford at [email protected].Management ChangesThe Company is also pleased to announce the appointment of a new Chief Financial Officer (“CFO”), Mr. Aamer Siddiqui, and Corporate Secretary, Ms. Monique Hutchins. Mr. Siddiqui is a Chartered Professional Accountant and Chartered Accountant who began his career working in public accounting with one of Ontario’s largest external audit firms. He has years of experience providing financial advisory, budgeting, Canadian tax and assurance services to a wide range of clients. Mr. Siddiqui has worked extensively with companies in the growth and resource sectors.Mr. Lewis Reford, Chief Executive Officer, stated “First of all, the Company owes a huge debt of gratitude to its outgoing Vancouver-based corporate services team that assisted us for many years under the supervision of Seabord Services Corp. The addition of a Toronto-based CFO and Corporate Secretary will streamline the Company’s day-to-day operations given their co-location with other members of senior management, and we welcome both Mr. Siddiqui and Ms. Hutchins to the team.”About Reservoir Capital Corp.REO’s Vision & Mission is to assemble a balanced portfolio of producing and near-production clean energy assets in growing economies.REO’s strategy to achieve its Vision is to approach shareholders of privately held quality assets and offer them diversification, liquidity and exposure to a growing portfolio assembled following a disciplined investment policy.REO’s investment policy consists of taking carefully selected minority economic interests in quality assets in key geographies, targeting regular dividend income over long periods, while offering the potential for capital gain in the medium term.Further InformationFor more information on the Company, please visit www.reservoircapitalcorp.com. Investors are cautioned that trading in the securities of REO should be considered highly speculative. Additional information on these and other factors that could affect the operations or financial results of REO are included in REO’s CSE Listing Statement and most recently filed quarterly report, each of which is filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com). The CSE have neither approved nor disapproved the contents of this news release.For further information, contact:Lewis Reford
CEO, Reservoir Capital Corp.
Email: [email protected]NEITHER THE CSE NOR THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.