November 20 (SeeNews) - Canada-based Reservoir Capital Corp, which is developing a 59.1 megawatt (MW) hydropower project in Serbia, said on Tuesday it plans to raise up to 3.0 million Canadian dollars ($3.0 million/2.4 million euro) by private placement of shares.
The renewable energy company will use the proceeds to support permitting work on its 59.1 MW hydroelectric project at Brodarevo, in southwestern Serbia, new business efforts in Bosnia and Montenegro, as well as for general corporate purposes, it said in a press release.
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Under the plan, Reservoir intends to issue 30 million units at 0.10 Canadian dollars apiece. Each unit will include one common share and one non-transferable warrant which will entitle its holder to buy an additional common share at 0.25 Canadian dollars for two years. The company may speed up the expiry of the warrants if its shares on the TSX Venture Exchange close at 0.35 Canadian dollars or more for 10 consecutive trading days after four months from closing of the placement.
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.
(1 euro=1.2755 Canadian dollars)