Reservoir Capital Corp. Receives Approval to Settle Insider Debts
02.07.2014 | Marketwired
VANCOUVER, Jul 2, 2014 - Reservoir Capital Corp. ("Reservoir" or the "Company") (TSX VENTURE:REO) (FRANKFURT:ROC) (BERLIN:ROC) announces that the TSX Venture Exchange has accepted for filing the Company's proposal to issue 933,332 shares to settle outstanding debt for $140,000.As announced by press release on June 9, 2014, the Company entered into agreements with its Chairman, President & CEO and Vice-President Corporate Development, terminating their current consulting agreements and settling the indebtedness as of May 30, 2014, in consideration of success-based payments totaling $225,000 and share issuances totaling 700,000 shares at $0.15 each. All three have agreed with the Company to remain in their current positions. The Company also agreed to settle outstanding indebtedness owed as of May 30, 2014 to a company owned by a Director, which provides administrative services to it in consideration of a success-based payment of $50,000 and issuance of 233,333 shares at $0.15 each.
About Reservoir
Reservoir is a renewable energy company engaged in the development of a 59.1 MW hydroelectric project at Brodarevo on the River Lim, the Vranjska Banja geothermal project, both in southern Serbia, and the 17.76 MW Cehotina hydroelectric projects in Bosnia. Reservoir's common shares trade on the TSX Venture Exchange (symbol "REO") and on the Frankfurt and Berlin Exchanges (symbol "ROC").
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
Contact
Reservoir Capital Corp.
Chris MacIntyre, VP Corporate Development
+1 416 703 0010
info@reservoircapitalcorp.com
www.reservoircapitalcorp.com
