Hassan Dahlawi

June 24, 2011 16:00 ET

Early Warning Report in Accordance With National Instrument 62-103

TORONTO, ONTARIO--(Marketwire - June 24, 2011) - Mr. Hassan Dahlawi, a director of Canadian Oil Recovery & Remediation Enterprises Ltd. ("CORRE" or the "Corporation"), has exercised an aggregate of 937,500 warrants (each, a "Warrant") to purchase common shares (each, a "Common Share") of CORRE at an exercise price of CDN$0.20 per Common Share. This is in addition to the following exercises of Warrants by Mr. Hassan Dahlawi since the date of his last Early Warning Report, which in aggregate amount to more than two percent (2%) of the issued and outstanding Common Shares: an aggregate of 937,500 Warrants exercised on April 8, 2011; and an aggregate of 550,640 Warrants exercised on December 13, 2010. After giving effect to the foregoing Warrant exercises, Mr. Hassan Dahlawi holds an aggregate of 13,572,554 Common Shares, representing 13% of the 104,092,360 Common Shares issued and outstanding after giving effect to these Warrant exercises, together with share purchase warrants entitling the holder to acquire a further 882,907 Common Shares and 700,000 stock options of CORRE.

Mr. Dahlawi advises that the Common Shares issuable upon the exercise of the Warrants are held in the ordinary course of its business for investment purposes. Mr. Dahlawi may from time to time, in his sole discretion and subject to applicable law, depending on market or other conditions, acquire additional securities of CORRE, or dispose of some or all of the existing or additional securities that he holds or may hold in CORRE, including any of the Common Shares issuable in connection with the exercise of the Warrants. The Common Shares issued upon exercise of the Warrants are exempted from securities legislation under Section 2.42 of National Instrument 45-106 – Prospectus and Registration Exemptions. The common shares of CORRE are listed on the TSX Venture Exchange under the trading symbol "CVR".

Contact Information

  • For further information or to receive a copy of the
    early warning report filed by Mr. Dahlawi
    with securities regulatory authorities in Canada in
    connection with this press release, please contact:
    Hassan Dahlawi, Director
    (416) 368-2220