Reservoir wraps up first tranche of private placement to back SEE projects
Canadian-based Reservoir Capital Corp said it has completed the first tranche of a non-brokered private placement financing raising 2.8 million Canadian dollars ($2.8 million/2.14 million euro) by the issuance of 27,850,000 units at $0.10 per unit.
The proceeds of the offering will be used by Reservoir to support continued permitting work on its Brodarevo hydroelectric project in Serbia, new business efforts in Bosnia and Montenegro and for general corporate purposes, Reservoir said in a statement on Tuesday.
Each unit of the placement was comprised of one common share and one non-transferable, common share purchase warrant. Each warrant entitles the holder to purchase an additional share at 0.25 Canadian dollars until December 18, 2014.
Besides the Brodarevo project, Reservoir holds four geothermal exploration licenses in Serbia and has applied for three hydroelectric concessions totalling 17.75 MW in Bosnia.