CORRE Closes Final Tranche of Private Placement
August 18 2011 - 10:07AM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") announced
today the completion of the third and final tranche of the
Company's previously announced private placement. Pursuant to this
tranche closing, an aggregate of 987,367 units (each a "Unit) have
been issued at a price of $0.38 per unit for total gross proceeds
of $375,200. 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. The proceeds from this financing will be used to fund
operating assets, strategic operating partnerships, and for general
working capital purposes. The financing is subject to final
approval by the TSX Venture Exchange.
Mr. Alex Gress, CFO and Senior Vice President of CORRE, stated,
"Our ability to continue to raise capital in such volatile market
conditions is a testament to the confidence investors have in
CORRE's ongoing growth strategy. Shareholders value our technology
for soil remediation and oil recovery and showed their continued
support through the closing of this capital raise. The additional
funds will help CORRE to further execute on its business plan."
As part of the completion of this third 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 third 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 $30,016 is payable in connection with this third
tranche closing and an aggregate of 78,989 broker warrants have
been issued to the Agent.
For further details concerning the financing, please refer to
the Company's press releases dated February 8, April 8, May 13 and
June 28, 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 www.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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