Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

July 03, 2013 17:56 ET

CORRE Announces Closing of Financing 1st Tranche

TORONTO, ONTARIO--(Marketwired - July 3, 2013) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to announce the closing of the first tranche of its previously announced private placement of units of CORRE (each, an "Equity Unit") at a price of $0.135 per Equity Unit. An aggregate of 2,037,040 Equity Units have been issued for total proceeds of $275,000. Each Equity Unit consists of one common share of CORRE (a "Common Share") and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional Common Share at a price of $0.235 for a period of 3 years. All of the Common Shares and warrants issued in connection with this offering 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 to fund the Company's obligations under its principal operating partnership, SAR-CORRE MENA, as well as to provide general working capital. The foregoing offering of Equity Units at a price of $0.135 per Unit for total gross proceeds of $750,000 is ongoing and the Company is awaiting further pending subscriptions, which it expects to complete in one or more further subsequent tranche closings.


CORRE is a Canadian-based oil services company which trades on the TSX Venture Exchange under the symbol CVR. CORRE provides full cycle oil waste management solutions to the petroleum industry. 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). 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 advanced environmental solutions through strategic operating partnerships with some of the most distinguished companies throughout the world.

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.
    John Lorenzo
    Chairman & CEO
    (416) 368-4027

    Canadian Oil Recovery and Remediation Enterprises Ltd.
    David Freeman
    Corporate Development
    (416) 368-4027

    Canadian Oil Recovery and Remediation Enterprises Ltd.
    Michael Lorenzo
    Shareholder Communications
    (416) 368-4027