CORRE Closes Additional Financing Tranche
29 June 2011 - 7:45AM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") announced
today the completion of an additional tranche of the Company's
previously announced private placement. Pursuant to this second
tranche closing, an aggregate of 937,685 units (each a "Unit") have
been issued at a price of $0.38 per Unit, for total gross proceeds
of $356,320. Each Unit consists of one common share 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. The proceeds
from this financing will be used to fund operating assets,
strategic operating partnerships and for general working capital
purposes.
As part of the completion of this second tranche, CORRE has
agreed to pay Harris Brown & Partners Limited (the "Agent") a
cash commission equal to 8% of the gross proceeds on the portion of
this second 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. A cash payment in
the amount of $18,320 is payable in connection with this second
tranche closing and an aggregate of 48,211 broker warrants have
been issued to the Agent.
The foregoing offering of Units at a price of $0.38 per Unit is
ongoing and the Company is awaiting further pending subscriptions,
which it expects to complete in a further subsequent tranche
closing. For further details concerning the financing, please refer
to the Company's press releases dated February 8, April 8 and May
13, 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 LTD. Alex Gress CFO 416-368-4027
agress@corre.com CORRE LTD. Lindsay Cross 416-368-3050
lcross@corre.com KCSA Strategic Communications Todd Fromer
212-896-1215 KCSA Strategic Communications Phil Carlson
212-896-1233 KCSA Strategic Communications Adam Pollack
212-896-1232 Corre@kcsa.com
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