BRIEF-Reservoir Minerals "urges" shareholders to vote in favour of arrangement it entered into with Nevsun Resources

Tue Jun 7, 2016 7:55pm EDT
 
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June 7 (Reuters) - Reservoir Minerals Inc

* Reservoir's board "urges" shareholders to vote in favour of arrangement it has entered into with Nevsun Resources Ltd

* Received an unsolicited, non-binding financing proposal from China based shareholder, Shandong Xiangguang Group Co Ltd

* Proposal requires company to make an US$80 million private placement of equity to XGC priced at C$8.00 a share

* Financing proposal also requires reservoir to borrow us$50 million from XGC

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