$33M bought deal financing....--(Marketwired - ) -
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Reservoir Minerals Inc. ("Reservoir" or the "Company") (TSX VENTURE:RMC) (PINKSHEETS:RVRLF) (BERLIN:9RE), is pleased to announce its plans to complete a non-brokered private placement for aggregate gross proceeds of and a bought deal brokered private placement for aggregate gross proceeds of.
Non-Brokered Private Placement:
The Company announces that it plans to complete a non-brokered private placement financing for gross proceeds of up to (the "Non-brokered Offering"). The Non-brokered Offering will consist of up to 4,000,000 shares at a price of per share and is expected to close concurrently with the Brokered Offering. No Finder's Fee will be paid for the Non-Brokered Offering. Completion of the Non-brokered Offering is subject to a number of conditions, including the execution of definitive documentation and receipt of any required regulatory approvals.
Brokered Private Placement:
Reservoir has entered into an agreement with a syndicate of underwriters led by Scotiabank and including , ,, and (collectively, the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 1,740,000 common shares at a price of per share for gross proceeds to the Company of approximately (the "Brokered Offering"). The Company has agreed to pay to the Underwriters, in aggregate, a cash fee equal to 6% of the gross proceeds of the Brokered Offering.
Completion of the Brokered Offering is subject to a number of conditions, including the completion of due diligence by the Underwriters, the negotiation and execution of definitive documentation, and receipt of any required regulatory approvals.
The closing of both the Brokered Offering and Non-brokered Offering is expected to occur on or about or such other date as may be agreed upon by the Company and the Underwriters.
General:
The proceeds raised under the Brokered Offering and Non-brokered Offering, will be used for exploration of the 100% owned Timok Licences and for general working capital purposes.
Securities issued under the Brokered Offering and Non-brokered Offering will be subject to a four month hold period which will expire four months from the date of closing.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in . The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About the Company:
is an international mineral exploration and development company run by a experienced technical and management team, with a portfolio of precious and base metal exploration properties in and . The Company operates an exploration partnership business model to leverage its expertise through to discovery.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the Brokered Offering and Non-Brokered Offering and exploration results, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others: failure to complete the Brokered Offering or Non-Brokered Offering or failure to complete the Brokered Offering or Non-Brokered Offering on the expected terms; the need to satisfy regulatory and legal requirements and other conditions to closing with respect to the Brokered Offering and Non-Brokered Offering; the actual prices of commodities; the factual results of current exploration, development and mining activities; changes in project parameters as plans continue to be evaluated; as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of and .
Neither TSX Venture Exchange nor the accepts responsibility for the adequacy or accuracy of this release.