Reservoir Minerals, Inc., a Canada-based mineral exploration and development company, has completed its non-brokered private placement of 4 million shares at a price of CAD5.75 ($5.24) per share that results gross proceeds of CAD23 million ($20.96 million).
Of this non-brokered financing, CAD13 million ($11.84 million) was purchased by a financial institution and the balance of CAD10 million ($9.11 million) was purchased by Yanggu Xiangguang Copper Co., Ltd., a China-based company engaged in the smelting and processing of nonferrous metals, alloys, gold, and silver, and its management.
Announcement (February 20, 2014):
Reservoir Minerals is planning to raise approximately CAD23 million ($20.96 million) in a non-brokered private placement of up to 4 million shares at a price of CAD5.75 ($5.24) per share.
Concurrently, Reservoir Minerals is planning to raise CAD10 million ($9.11 million) in a bought deal brokered private placement.
The closing of both the non-brokered offering and brokered offering is expected to occur on or about March 20, 2014.