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

Canadian Oil Recovery & Remediation Enterprises Ltd.

July 06, 2010 14:50 ET

CORRE Announces Closing of $750,000 Unit Offering

TORONTO, ONTARIO--(Marketwire - July 6, 2010) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to announce the closing of its previously announced private placement financing for aggregate gross proceeds of $750,000 of units (each a "Unit") at a price of $0.15 per Unit. Each unit consists of one common share of CORRE (a "Common Share") 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 $0.30 for a period of 2 years from the closing date.

Participants in the private placement are primarily CORRE's management, board of directors and long-term shareholders. The Common Shares and Warrants issued in connection with the private placement are subject to a statutory four-month hold period in accordance with applicable securities laws.

The proceeds of this financing will provide general working capital for CORRE and SAR-CORRE MENA as they continue to prepare for the release of upcoming remediation contracts, including contracts for the clean-up of the Kuwait Oil Lakes.

CORRE's ARES I operating facility is a fully-commercialized oil-contaminated soil washing and oil recovery unit capable of processing up to 20 tons per hour. The ARES I facility is currently completing its optimization program in Kuwait enabling CORRE to be well-positioned for lucrative sludge remediation contracts.

About CORRE

CORRE is a Canadian company that utilizes its proprietary Advanced Recovery Equipment Systems ("ARES") for sludge treatment, soil remediation and oil recovery. As part of ARES, CORRE owns exclusive licenses to use innovative technologies and has developed proprietary processes for oil recovery, sludge and drill cuttings treatment and remediation of oil-contaminated sites. CORRE is deploying ARES in the oil producing countries of the Middle East and other regions where there is substantial demand for its services.

Through strategic operating partnerships with multi-national oil services companies, CORRE is significantly expanding its line of oil services across the Middle East and North Africa to include waste management, oil storage and oil tankers tank cleaning, water treatment, and oil and gas engineering 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

  • Canadian Oil Recovery and Remediation Enterprises Ltd.
    Alex Gress
    Senior Vice-President, Director
    (416) 368-4027
    agress@corre.com
    or
    Canadian Oil Recovery and Remediation Enterprises Ltd.
    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