CORRE Closes First Financing Tranche and Announces Warrant Conversion
09 April 2011 - 7:45AM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") is
announcing the completion of the first tranche of the Company's
previously announced private placement for total gross proceeds of
$463,584 at a price of $0.38 per unit (each a "Unit"). Each Unit
consists of one common share in the capital of the Company and
one-half of one common share purchase warrant (a "Warrant"). Each
whole Warrant entitles the holder to acquire one additional Common
Share at a price of $0.625 for a period of two years from closing.
The Common Shares and Warrants issued in connection with this
private placement are subject to a statutory four-month hold period
in accordance with applicable securities laws.
As part of the completion of this first tranche, CORRE will pay
Harris Brown & Partners Limited (the "Agent") a cash commission
equal to 8% of the gross proceeds on the portion of this first
tranche financing raised by the Agent and broker warrants equal to
8% of the Units placed by the Agent. Each broker warrant entitles
the Agent to acquire one common share at a price of $0.625 per
share for a period of two years.
CORRE is also pleased to announce the exercise of the second of
a series of share purchase warrants. As part of the Company's
previously announced long-term equity financing plan, the two
holders of $5 million of aggregate convertible debentures, which
were fully converted into CORRE common shares at $0.20 per share on
June 16, 2010, received up to 25 million share purchase warrants at
$0.20 per CORRE common share. One of the existing directors of the
Company, and a holder of 1,875,000 remaining share purchase
warrants issued as part of this transaction, is now exercising
937,500 of these warrants resulting in $187,500 in proceeds for the
Company. The director will exercise his remaining 937,500 warrants
at $0.20 per share on or before June 15, 2011 resulting in $187,500
of additional proceeds at that time. The holder of 21,250,000
remaining optional share purchase warrants at $0.20 per share for
up to $4,250,000 in additional financing proceeds is Al-Najah
Advanced Technology Co. Ltd. ("NAT"), an institutional investor
based in the Kingdom of Saudi Arabia. NAT currently owns
approximately 26% of CORRE's outstanding common shares and its
warrant position expires on June 15, 2011.
For further details concerning the financings and all the
related matters and ancillary agreements, please refer to the
Company's press releases dated June 16, July 16, August 14, October
7, November 17, 2009 and May 17, June 17, and December 13, 2010 and
February 8, 2011.
About CORRE
CORRE (www.corre.com) is a Canadian-based clean technology
company that provides innovative and complete oil waste management
and environmental solutions to its customers. CORRE's operating
lines include remediating oil-contaminated soil; treating sludge,
oil based muds and drilling waste; oil recovery; automated oil
storage tank cleaning; oil and gas engineering, and project
management. CORRE provides its services through its owned and
operated Advanced Recovery Equipment Systems ("ARES") and through
strategic operating partnerships. ARES is a platform of services
and operating equipment facilities based on proven technologies and
innovative operating processes. CORRE's customers are primarily in
the upstream petroleum sector (oil production and drilling
companies) and downstream petroleum sector (oil refinery,
transportation and distribution companies).
Forward Looking Statements
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
forward-looking statements. Forward-looking statements are based on
the opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. Except as required by applicable securities
requirements, the Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
Contacts: CORRE Alex Gress CFO, Senior V-P & Director (416)
368-4027 agress@corre.com CORRE Lindsay Cross (416) 368-4027
lcross@corre.com
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