VANCOUVER, British Columbia, Aug. 13, 2020 (GLOBE NEWSWIRE) -- (CSE: REO) - Reservoir Capital Corp. (CSE: REO) ("REO" or the "Company") announces that effective at the opening of markets on August 18, 2020, the Company has consolidated its outstanding common shares (the “Shares”) on the basis of one (1) post‐consolidated Share for every one hundred (100) pre‐consolidated Shares held (the "Consolidation"). The new CUSIP number will be 761125301 and the new ISIN number will be CA7611253013. The Company's name and stock symbol will remain unchanged following the Consolidation.
The Consolidation was approved by the shareholders of the Company at the Company’s recent annual general meeting held on July 28, 2020 and passed by the Company’s board of directors effective August 12, 2020. No fractional Shares will be issued under the Consolidation as fractional Shares will be rounded to the nearest whole number. The Company currently has 575,347,377 Shares issued and outstanding and immediately following the Consolidation will have approximately 5,753,474 Shares issued and outstanding.
Letters of transmittal with respect to the Consolidation will be mailed shortly to all registered shareholders of the Company (the “Shareholders”). All Shareholders who submit a duly completed letter of transmittal along with their respective share certificate(s) representing the pre-consolidated Shares to the Company's transfer agent, Computershare Investor Services Inc., will receive a certificate representing the post-consolidated Shares.
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.
REO’s 2019 Financial Statement (year ended Dec. 31, 2019) shows dividend income from the Company’s investments of $1,756,152 and net income of $380,729 during the twelve-month period.
REO’s Vision & Mission is to assemble a balanced portfolio of producing and near-production clean energy assets (with a current focus on Hydro & Geothermal) in growing economies (with a current focus on Africa).
REO’s strategy to achieve its Vision is to approach shareholders of privately held quality assets and offer them diversification, liquidity and exposure to a growing portfolio assembled following a disciplined investment policy.
REO’s investment policy consists essentially in taking carefully selected minority economic interests in quality clean power assets in key geographies, targeting regular dividend income over long periods, while offering the potential for capital gain in the medium term.
For more information on the Company, please visit www.reservoircapitalcorp.com. Investors are cautioned that trading in the securities of REO should be considered highly speculative. Additional information on these and other factors that could affect the operations or financial results of REO are included in REO's CSE Listing Statement and most recently filed quarterly report, each of which is filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com). The CSE have neither approved nor disapproved the contents of this news release.
For any clarification, one may contact:
CEO, Reservoir Capital Corp.
NEITHER THE CSE NOR THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Statements
Cautionary Note Regarding Forward-Looking Statements: This news release contains forward-looking statements relating to the effective date of the Consolidation, the number Shares outstanding following the Consolidation, the treatment of fractional shares in the Consolidation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include those relating to the ability to complete the Consolidation on the effective date, the number of post-Consolidation Common Shares is different from the number set out herein and the treatment of fractional shares in the Consolidation is different from what is set out herein and other risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward- looking statements as expressly required by applicable law.
Source: Reservoir Capital Corp.
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