Reservoir Capital Corp. (CSE: REO) ('REO' or the 'Company') is pleased to announce that, through its wholly-owned subsidiary, Kainji Power Holding Limited ('KPHL'), it has completed the previously announced acquisition of Olocorp Nigeria Ltd. ('OLOCORP') pursuant to a share sale and purchase agreement and amending agreement (the 'Agreements') among the Company, OLOCORP, Clara Olo and OLOCORP's major shareholder Eric Olo ('EOLO').
Pursuant to the Agreements, REO acquired the remaining 40% equity stake in OLOCORP in exchange for REO issuing, among other things, a total of 38 million new REO common shares ('REO Shares'), as more particularly described below (the 'Transaction').
About Olocorp Nigeria Limited
OLOCORP is a limited liability company registered in Nigeria in 2013 for the main purpose of holding shares in North South Power Company Ltd ('NSP'), and currently owns 7,297,297 NSP shares. The consummation of the Transaction makes OLOCORP a wholly-owned subsidiary and will add 3.7MW of net operating hydropower capacity to the Company.
About Reservoir Capital Corp.
REO's asset portfolio comprises minority indirect economic interests in clean power assets (currently 4 hydro power plants) representing 46.3MW of net operating capacity.
Forward Looking Statements
Certain information set forth in this news release contains 'forward-looking statements', and 'forward-looking information' under applicable securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs regarding future events of management of REO. This information and these statements, referred to herein as 'forward looking statements', are not historical facts, are made as of the date of this news release and include without limitation, the filing of the 2019 Annual Documents and REO's management expectations to file the 2019 Annual Documents within the time period described herein. These statements generally can be identified by use of forward-looking words such as 'may', 'will', 'expect', 'estimate', 'anticipate', 'intends', 'believe' or 'continue' or the negative thereof or similar variations. These forward looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Important factors that may cause actual results to vary include without limitation, risks relating to the preparation and timing of the filing of the 2019 Annual Documents and general economic conditions. In making the forward looking statements in this news release, REO has applied several material assumptions, including without limitation that management of REO will be able to file its 2019 Annual Documents within the time period described herein. REO does not assume any 4 obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in REO's filings with the Canadian securities regulators, which filings are available at www.sedar.com
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