Kainji Power Holding Limited executed a heads of agreement to acquire Reservoir Capital Corp (TSXV:REO) in a reverse merger transaction on February 5, 2018. Kainji Power Holding Limited entered into a definitive share purchase agreement to acquire Reservoir Capital Corp in a reverse merger transaction on August 27, 2018. As part of the proposed transaction, KPHL beneficiaries will be issued 158.1 million Reservoir common shares, resulting in only one new shareholder exceeding a 20% ownership threshold. Reservoir may be granted an option that, if exercised, will increase its ownership of KPHL to 100%. If granted, the option will be exercisable on or before December 31, 2018 by the issuance of a further 105.4 million shares. Both REO and KPHL will be subject to a break fee of $0.1 million if either fails to deliver its shares by March 9, 2018. Post-acquisition, Reservoir will own a 60% stake in KPHL and KPHL beneficiaries will hold 76.7% of Reservoir. In connection with the proposed transaction Reservoir will be changing its listing status on the TSX Venture Exchange from an Industrial Issuer to an Investment Issuer. On closing of the initial transaction, KPHL beneficiaries will have the right to name two of Reservoir’s six Board members. It is expected that one of the directors (who will also hold more than 20% of Reservoir’s post-closing outstanding shares) will be Vincent Gueneau. The remaining four or five directors that will remain on Reservoir's board have served as directors during that period of time in which Reservoir carried on its hydroelectric business in Serbia and also have lengthy and proven track records as directors of publicly traded companies. The proposed transaction remains subject to approval by the TSX Venture Exchange and, if required by the Exchange, by Reservoir’s shareholders, and the shares issued by Reservoir will be subject to restrictions on transfer under Canadian securities law and TSX Venture Exchange policy expiring four months following closing. Completion of the transaction is subject to a number of conditions, including but not limited to, exchange acceptance and if applicable, disinterested shareholder approval. As of August 27, 2018, Reservoir has received conditional approval of the Canadian Securities Exchange to list its common shares for trading concurrently with closing the Transaction, and Reservoir intends to de-list from the TSX Venture Exchange prior to such listing, subject to receipt of necessary approvals. Kainji Power Holding Limited completed the acquisition of Reservoir Capital Corp (TSXV:REO) in a reverse merger transaction on September 21, 2018. As conditions to completion of the transaction, Reservoir has received approval from the TSX Venture Exchange to have the REO Shares de-listed, which became effective at the close of business on September 18, 2018. Completion of the transaction was approved by consent of 18 large shareholders of Reservoir, representing 70.4% of the issued and outstanding REO Shares. The REO Shares are anticipated to commence trading on the Canadian Securities Exchange on or about September 26, 2018. Upon closing of the Transaction, Michael Winn, Miles Thompson and Patrick Trustram-Eve resigned as Directors of Reservoir and were replaced with Vincent Gueneau, Vianney Mathonnet and Andrea Zaradic. The current officers of Reservoir will continue to serve in their positions post-closing.