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

Canadian Oil Recovery & Remediation Enterprises Ltd.

June 28, 2011 17:45 ET

CORRE Closes Additional Financing Tranche

TORONTO, ONTARIO--(Marketwire - June 28, 2011) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") announced today the completion of an additional tranche of the Company's previously announced private placement. Pursuant to this second tranche closing, an aggregate of 937,685 units (each a "Unit") have been issued at a price of $0.38 per Unit, for total gross proceeds of $356,320. Each Unit consists of one common share of the Company 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 $0.625 for a period of two years from closing. The Common Shares and Warrants issued in connection with this private placement 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 operating assets, strategic operating partnerships and for general working capital purposes.

As part of the completion of this second tranche, CORRE has agreed to pay Harris Brown & Partners Limited (the "Agent") a cash commission equal to 8% of the gross proceeds on the portion of this second tranche financing raised by the Agent and broker warrants equal to 8% of the Units placed by the Agent. Each broker warrant entitles the Agent to acquire one common share at a price of $0.625 per share for a period of two years. A cash payment in the amount of $18,320 is payable in connection with this second tranche closing and an aggregate of 48,211 broker warrants have been issued to the Agent.

The foregoing offering of Units at a price of $0.38 per Unit is ongoing and the Company is awaiting further pending subscriptions, which it expects to complete in a further subsequent tranche closing. For further details concerning the financing, please refer to the Company's press releases dated February 8, April 8 and May 13, 2011.

About CORRE

CORRE (www.corre.com) is a Canadian-based clean technology company that provides innovative and complete oil waste management and environmental solutions to its customers. 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 services through its owned and operated Advanced Recovery Equipment Systems ("ARES") and through strategic operating partnerships. ARES is a platform of services and operating equipment facilities based on proven technologies and innovative operating processes. 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).

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 LTD.
    Alex Gress
    CFO
    416-368-4027
    agress@corre.com

    CORRE LTD.
    Lindsay Cross
    416-368-3050
    lcross@corre.com

    KCSA Strategic Communications
    Todd Fromer
    212-896-1215

    KCSA Strategic Communications
    Phil Carlson
    212-896-1233

    KCSA Strategic Communications
    Adam Pollack
    212-896-1232
    Corre@kcsa.com