VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/19/15 -- As the result of a review by the British Columbia Securities Commission ("BCSC"), Reservoir Minerals Inc. ("Reservoir" or "the Company") (TSX VENTURE: RMC)(OTC PINK: RVRLF)(BERLIN: 9RE) is issuing the following press release to clarify its disclosure with respect to its year-end financial statements and MD&A and to confirm that it has re-filed its amended year-end financial statements and MD&A.
The Company's consolidated statements of financial position, loss and comprehensive loss, cash flows and changes in equity have not changed from the original year-end financial statements. However, the Company has provided more detailed financial information about the Timok Joint Venture Entity in Note 6 and also additional disclosure of the financial terms of the Timok Joint Venture/Shareholders' Agreement ("JVSA"), which was signed on March 11, 2015 with Freeport McMoRan Inc., in Note 15 of the amended financial statements.
In the MD&A, the Company has provided the financial details of the JVSA, commented on the budget of US$18.7 million approved post year-end and described the impact of that with respect to forward looking information. The Company has also discussed the sole funding arrangement with Freeport, the expenditures it incurred on the Timok Joint Venture for the year ended November 30, 2014 and that it plans to expend additional funds of its own with respect to the Timok Joint Venture.
Reservoir is committed to full and timely continuous disclosure. Now that Reservoir has re-filed its financial statements and MD&A, it expects that it will be removed from the BCSC's Issuers in Default list.
Reservoir Minerals Inc. is an international mineral exploration and development company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties in Europe and Africa. Reservoir operates an exploration partnership business model to leverage its expertise through to discovery.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Reservoir Minerals Inc.
VP Corporate Development