VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 20, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Reservoir Minerals Inc. (TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) ("Reservoir" or the "Company") is pleased to announce that, further to its news release dated February 20, 2014, it has closed its non-brokered private placement of 4,000,001 common shares in the capital of the Company (the "Shares") at a price of $5.75 per Share for gross proceeds of $23,000,005.75.
Of this non-brokered financing, $13 million was purchased by a major financial institution which is one of the world's largest money managers.
The balance of $10 million was purchased by Yanggu Xiangguang Copper Co., Ltd ("XGC") and its management. XGC is one of the world's largest copper smelting, refining and processing groups, located in the Shandong Province of China. The group has a designed smelting capacity of 450,000 million tonnes per year ("mt/y") copper from concentrate and a refining capacity of 500,000 mt/y copper cathodes. XGC employs state-of-the-art double flash copper smelting technology which enables it to process complex concentrates. XGC is actively investing in upstream mining for the opportunity to diversify into high quality profitable assets and to secure feed for the smelter. XGC also operates a licensed blending facility in China for the processing of complex copper concentrates. XGC's parent company, GMK Holding Co., Ltd., is a leading privately-owned enterprise group in China.
The Shares are subject to a hold period expiring July 20, 2014.
The proceeds raised under the offering will be used for exploration of the 100% owned Timok Licences and for general working capital purposes.
About the Company
Reservoir Minerals Inc. 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 Europe and Africa. The Company operates an exploration partnership business model to leverage its expertise through to discovery.
For further information on Reservoir Minerals Inc., please consult our website www.reservoirminerals.com.
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 exploration results, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Reservoir Minerals Inc. 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, 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 British Columbia and Alberta.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.