CORRE Announces $4.4 Million in Additional Financing Through Warrant Conversion
22 June 2011 - 7:01AM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE: CVR) (OTCQX: CRVYF) ("CORRE" or the "Company") announces
that Al-Najah Advanced Technology Co. Ltd. ("NAT") has agreed to
exercise its right to convert all of its 21,250,000 share purchase
warrants to purchase additional common shares of CORRE at an
exercise price of $0.20 per share. Also, a director of CORRE has
exercised his full remaining position of 937,500 warrants at $0.20
per share bringing the total warrant conversion to $4,437,500 in
new equity financing becoming available for the Company with the
proceeds being put towards the purchase of ancillary operating
equipment and working capital.
With the exercised warrants, NAT and the director have now
completed their full conversion of warrants issued by CORRE at
$0.20 per share. NAT will now own a total of 42,500,000 common
shares of CORRE.
Mr. John Lorenzo, CEO and Chairman of CORRE, stated "Our
partnership with NAT, in addition to providing CORRE with working
capital, enhances our competitive position throughout the MENA
region and in particular, the Kingdom of Saudi Arabia which
represents a very lucrative and sustainable market for CORRE's
services. Also, our other strategic partnerships and alliances have
enabled us to expand our service platform to contain drill cuttings
treatments, automated oil storage tank cleaning, innovative soil
remediation techniques and oil recovery technology, as well as gain
a foothold in the MENA region."
Mr. Alex Gress, CFO and Senior Vice-President of CORRE, added
"CORRE's status through our SAR-CORRE MENA partnership as a select
pre-qualified company for the Kuwait Oil Company's soil remediation
contracts we are currently bidding for, as well as the upcoming Oil
Lakes contracts, demonstrates the growing understanding of the
value of our oil-remediation technology and services. This infusion
of working capital will continue to help us build on the positive
momentum we have already gained."
For further details concerning the financings and all the
related matters and ancillary agreements, please refer to the
Company's press releases dated May 17, June 17, and December 13,
2010 and April 8, 2011.
About Al-Najah Advanced Technology Co. Ltd. ("NAT")
NAT is a private company based in Jeddah, Kingdom of Saudi
Arabia whose focus is on investments in technology and
technology-based ventures and companies.
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 LTD. Alex Gress - CFO 416-368-4027
agress@corre.com CORRE LTD. Lindsay Cross 416-368-3050
lcross@corre.com www.corre.com KCSA Strategic Communications Todd
Fromer 212-896-1215 Corre@kcsa.com KCSA Strategic Communications
Phil Carlson 212-896-1233 Corre@kcsa.com KCSA Strategic
Communications Adam Pollack 212-896-1232 Corre@kcsa.com
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