Reservoir Capital Corp.
TSX VENTURE : REO.P

Reservoir Capital Corp.

January 29, 2007 20:06 ET

Reservoir Capital Corp. Announces Receipt of Conditional Approval for Qualifying Transaction and Filing of Filing Statement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 9, 2007) - Reservoir Capital Corp. (the "Corporation") (TSX VENTURE:REO.P) is pleased to announce that further to the Corporation's press release dated October 30, 2006, the TSX Venture Exchange (the "Exchange") has conditionally approved the acquisition (the "Acquisition") by the Corporation of Southern European Exploration (BVI) Ltd. ("SEE BVI") as the Corporation's qualifying transaction. The Corporation has entered into a definitive agreement with SEE BVI, Eurasian Minerals Inc. and Southern European Exploration Limited, pursuant to which the Corporation will acquire all of the issued and outstanding securities and indebtedness of SEE BVI for cash consideration of $150,000, a net smelter royalty of 2% for gold and silver and 1% for all other metals on all of the properties held by SEE BVI and the commitment to pay Eurasian up to $1,000,000 in cash or shares should up to two properties held by SEE BVI become the subject of a bankable feasibility study. The Filing Statement of the Corporation dated January 26, 2007, which describes the terms of the Acquisition, has been filed with the Exchange and applicable securities commissions and is available on SEDAR under the Corporation's profile at www.sedar.com.

In accordance with the policies of the Exchange, it is expected that the closing of the Acquisition will occur on February 2, 2007. Concurrent with the closing of the Acquisition, the Corporation intends to complete the previously announced private placement of up to 4,000,000 units at $0.50 per unit for gross proceeds of up to $2,000,000.

The conditional approval of the Exchange is subject to the Corporation fulfilling all of the requirements of the Exchange, including the completion of a private placement.

The Corporation's common shares are currently halted from trading in accordance with the policies of the Exchange.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Reservoir Capital Corp.
    K. Peter Miller
    Director
    (604) 689-1428