A non-brokered private placement financing of CAD 1 million (EUR 700,000) was completed by Reservoir Capital Corp. The company said EUR 0.35 units are comprised of one common share and one half of one share purchase warrant. Each entitles the holder to purchase one common share for EUR 0.53 for a period of five years, the release adds. If, after four months from closing, the closing price on the TSX Venture Exchange in Canada exceeds EUR 0.63 for a period of 30 consecutive trading days, the company may, by notice and news release within two trading days, accelerate the expiry of the warrants to the 20th trading day after such 30-day period, the statement said.
The company said it paid finders’ fees of 5% in respect of subscriptions from introduced investors, the press release on Reservoir’s website said. Pro Group members purchased 150,000 units, the company stated. The shares, and any shares issued on the exercise of the warrants, are subject to a restricted resale period under Canadian securities law and exchange policy until March 7, 2016. The proceeds will be used to support permitting work on Brodarevo hydroelectric project in Serbia and for general corporate purposes, the company said.