Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

June 17, 2013 10:37 ET

CORRE Announces Option Grant and Financing Amendment

TORONTO, ONTARIO--(Marketwired - June 17, 2013) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") announces the grant of an aggregate of 1,440,000 options to acquire CORRE common shares at a price of $0.15 per common share to certain officers, directors, consultants and employees of the Company. These options will vest in twelve equal monthly installments beginning from the first anniversary of the date of their grant. The options expire on the earlier of their fifth anniversary date or the time the optionees cease to serve as officers, directors, consultants or employees of the Company.

CORRE also announces that it has resolved to re-price its previously announced private placement (see the Company's press release dated April 17th, 2013) (the "Offering") from $0.15 per unit of CORRE (each, an "Equity Unit") to $0.135 per Equity Unit, subject to the approval of the TSX Venture Exchange ("TSXV"). The total proceeds of $750,000 remain unchanged. 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 issued under the Offering will entitle the holder to acquire one additional Common Share at a price of $0.235 for a period of 3 years from closing. 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.


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.

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