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

Canadian Oil Recovery & Remediation Enterprises Ltd.

May 21, 2010 09:24 ET

Canadian Oil Recovery & Remediation Enterprises Ltd. Announces $750,000 Unit Offering

TORONTO, ONTARIO--(Marketwire - May 21, 2010) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company"), a provider of leading edge sludge treatment, soil remediation and oil recovery services, is pleased to announce a proposed private placement financing for aggregate gross proceeds of up to $750,000 of units (each a "Unit") at a price of $0.15 per Unit. Each unit will consist of one common share of CORRE (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional Common Share at a price of $0.30 for a period of 2 years from closing. The proceeds from this offering will be used to fund the purchasing of ancillary equipment, including related operating costs, in support of CORRE's current ARES I optimization program in Kuwait, as well as to provide general working capital. Hold periods will apply to the securities issued under this offering in accordance with applicable securities laws. This offering is subject to the approval of the TSX Venture Exchange.

About CORRE

CORRE utilizes its proprietary Advanced Recovery Equipment Systems ("ARES") program for environmental remediation of oil-contaminated sites and oil recovery. ARES is a platform of services through which CORRE owns operating equipment facilities and exclusive licenses based on proven, patented technologies and proprietary operating processes for sludge and drill cuttings treatment, remediation of oil-contaminated soils, and oil recovery.

CORRE is deploying its ARES facilities in the oil producing countries of the Middle East and North Africa ("MENA") and other regions where there is substantial demand for oil remediation services and oil recovery. Through strategic operating partnerships with multi-national oil service companies, CORRE has expanded its line of oil waste management services across the MENA region to include oil storage and oil tankers tank cleaning, waste management, water treatment, and oil and gas engineering design and project management.

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.

Contact Information

  • CORRE
    Alex Gress
    Senior Vice-President, Director
    (416) 368-4027
    agress@corre.com
    or
    CORRE
    Lindsay Cross
    (416) 368-4027
    lcross@corre.com
    or
    Investor Relations: Investor Cubed Inc.
    Neil Simon
    (647) 258-3310 or (888) 258-3323
    (416) 363-7977 (FAX)
    nsimon@investor3.ca