Reservoir Capital Corp. Update on Management Cease Trade Order

VANCOUVER, British Columbia, June 16, 2021 (GLOBE NEWSWIRE) -- (CSE: REO) – Reservoir Capital Corp. ("REO" or the "Company") announces that it continues to work closely with its auditor to overcome delays as a result of complexities caused by COVID-19 in Nigeria, Mauritius and Canada in preparing its financial statements for the fiscal year ended December 31, 2020 (the "Annual Financial Statements") and related MD&A and officer certifications (collectively, the “Annual Filings”). On May 4, 2021, the Company announced that it would miss the filing deadline of April 30, 2021 for its Annual Filings as prescribed by National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”). A management cease trade order (“MCTO”) was issued by the British Columbia Securities Commission (the “BCSC”), effective as of May 4, 2021, in connection with the filing delay.

During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares; however, the Company’s Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade the Company’s shares.

The Company currently expects to file the 2020 Annual Financial Statements on or before June 30, 2021 and will issue a news release announcing completion of such filings at such time. Until then, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release. The Company confirms as of the date of this news release that there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Reservoir Capital Corp.

REO’s asset portfolio comprises minority indirect economic interests in clean power assets (currently 4 hydro power plants) representing 46.3MW of net operating capacity.

REO’s 2019 Financial Statement (year ended Dec. 31, 2019) shows dividend income from the Company’s investments of $1,756,152 during the twelve-month period.

REO’s Vision & Mission is to assemble a balanced portfolio of producing and near-production clean energy assets (with a current focus on Hydro & Geothermal) in growing economies (with a current focus on Africa).