Reservoir Capital Corp. (CNSX:REO) entered into a share sale and purchase agreement to acquire the remaining 40% stake in Olocorp Nigeria Limited from Eric Olo and his sister Clara Olo for CAD 2.5 million on March 13, 2020. Under the terms of the agreement, Reservoir Capital will issue its 34.5 million shares as consideration. Furthermore, forming part of the agreement, Eric Olo’s existing convertible loan note of CAD 0.53 million from an earlier agreement will be converted upon closing the transaction via the issuance of 8 million new Reservoir Capital’s shares to Eric Olo’s beneficiaries and a promissory note of CAD 0.2 million. In addition, Eric Olo’s last remaining cash installment from the earlier agreement will be converted upon closing the transaction into 2.5 million additional new Reservoir Capital’s shares issued to Eric Olo’s beneficiaries and a promissory note of CAD 0.1 million. Lastly, as per the provisions of the earlier agreement, Eric Olo shall be issued an additional 0.66 million new Reservoir Capital’s shares as a special bonus issue upon the final consummation of this transaction and potentially another 0.34 million new Reservoir Capital’s shares as a further bonus if the transaction is fully consummated by April 21, 2020. The shares to be issued under transaction are subject to a minimum four month hold period. Post completion, Olocorp Nigeria will become wholly owned subsidiary of Reservoir Capital Corp.