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Hub On AGORACOM / Read Release


Message: NR spin off minerals approved by BC,,,,vote next

Vancouver, British Columbia (TSX Venture: REO) - Reservoir Capital Corp., ("Reservoir" or the "Company") is pleased to announce that it has executed a definitive arrangement agreement regarding the previously announced re-organization of its business components into two separately listed public corporations by the spin-out of certain Serbian mineral exploration permits to Reservoir Minerals Inc. ("Minerals"), by means of a plan of arrangement pursuant to the Business Corporations Act (British Columbia) (the "Spin-out Transaction"). The Spin-out Transaction will be effected by the transfer to Minerals of three indirectly held subsidiaries of Reservoir that hold such permits. Shareholders of the Company at the effective time of the arrangement will be entitled to receive their pro-rata portion of 9,000,000 common shares of Minerals ("Minerals Shares") to be issued pursuant to the Spin-out Transaction as a return of capital. On completion of the Spin-out Transaction, Minerals will have approximately 26.1 million Minerals Shares outstanding.

Further details of the Spin-out Transaction are set out in Reservoir's news release dated March 25, 2011, which is available on Reservoir's website at www.reservoircapitalcorp.com and on SEDAR at www.SEDAR.com. The closing of the Spin-out Transaction is subject to a number of conditions including obtaining all required regulatory approvals.

Reservoir has also received approval from the Supreme Court of British Columbia to call a shareholder meeting to approve the transaction. The meeting will be held on October 11, 2011 at 10:00 a.m. at 501-543 Granville Street, Vancouver, British Columbia. An information circular containing details on the transaction is expected to be mailed shortly and once mailed, will also be available on SEDAR at www.SEDAR.com.


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