Canadian Oil Recovery & Remediation Enterprises Ltd.
TSX VENTURE : CVR

Canadian Oil Recovery & Remediation Enterprises Ltd.

November 20, 2009 18:08 ET

Canadian Oil Recovery & Remediation Enterprises Ltd.: Early Warning Report in Accordance With National Instrument 62-103

CALGARY, ALBERTA--(Marketwire - Nov. 20, 2009) - In connection with a recently completed financing by Canadian Oil Recovery & Remediation Enterprises Ltd. ("CORRE" or the "Corporation") (TSX VENTURE:CVR), Mr. Hassan Dahlawi, a director of the Corporation, directly acquired ownership of an aggregate of a convertible debenture in the aggregate principal amount of $750,000 (the "Debenture"), together with a common share purchase warrant (the "Share Warrant"), pursuant to which he has undertaken to subscribe for and fund $750,000 of common shares of CORRE at a price of $0.20 per share. The Debenture has a coupon of 10% (payable quarterly in arrears) and a maturity date of one (1) year from the date of issuance, subject to extension for one (1) additional year beyond the initial term. The Debenture is convertible into common shares of CORRE at a price of $0.20 per share at any time prior to maturity at the option of the holder. The Share Warrant shall be exercisable on or before the date that is one (1) year from the date that the entire principal amount of the Debenture is converted into common shares of CORRE.

Prior to giving effect to the acquisition of the Debenture and the Share Warrant, Mr. Dahlawi owned or exerted control or direction over an aggregate of 5,978,980 common shares of CORRE, representing approximately 12.4% of the 48,234,263 common shares that are currently issued and outstanding. If the full amount of the Debenture is converted and the Share Warrant is fully exercised, Mr. Dahlawi would acquire a further 7,500,000 common shares. Assuming that no other convertible securities have been exercised or converted at the time of conversion of the Debenture and exercise of the Share Warrant, Mr. Dahlawi would hold an aggregate of 13,478,980 common shares, being approximately 24.2% of the then outstanding 55,734,263 common shares of CORRE. Mr. Dahlawi advises that the Debenture and Share Warrant are for investment purposes only and that he may acquire additional securities of the Corporation, dispose of some or all of the securities he now owns or controls or may continue to hold his current position. The acquisition of the Debenture and the Share Warrant by Mr. Dahlawi was exempted from securities legislation under Section 2.3 of National Instrument 45-106 – Prospectus and Registration Exemptions. The common shares of CORRE are listed on the TSX Venture Exchange under the trading symbol "CVR".

For further information or to receive a copy of the early warning report filed by Mr. Dahlawi with securities regulatory authorities in Canada in connection with this press release, please contact the under signed.

Contact Information

  • Canadian Oil Recovery & Remediation Enterprises Ltd.
    Hassan Dahlawi
    Director
    (416) 368-2220
    or
    Canadian Oil Recovery & Remediation Enterprises Ltd.
    Suite 110, 141 Adelaide Street West
    Toronto, Ontario M5H 3L5