RESERVOIR MINERALS INC V.RMC

New Scotia note....

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Scotia Capital has reiterated its sector outperform rating for Reservoir Minerals Inc. (TSX: V.RMC, Stock Forum) as a well as a one-year target of $9 for the shares. That's down from an earlier target of $9.50.

The move appears to be driven by Scotia’s enthusiasm for its Timok project in Serbia. “In our view, Timok is one of the most exciting discoveries made in recent decades, and could represent a prospective new copper-gold complex,’’ writes Scotia analyst Mike Hocking in a report.

Reservoir recently completed a brokered bought deal private placement for gross proceeds of $10 million, and a non-brokered private placement for proceeds of $23 million.

The report says $10 million of the private placement was purchased by Yanggu Xiangguang Copper Co., Ltd. and its management.

Yanggu is one of the world’s largest copper smelting refinining, and processing groups, located in the Shandong Province of China.

Reservoir shares eased 3.2% to $6.58, leaving a market cap of $274.8 million, based on 41.8 million shares outstanding. The 52-week range is $7.54 and $2.22.
Read more at https://www.stockhouse.com/news/natural-resources/2014/03/24/scotia-excited-reservoir-s-v-rmc-timok-project-sets-$9-target-for-stock#Vj4WrZwxPh3CCfhS.99