Al-Najah Advanced Technology Co. Ltd.

June 27, 2011 18:13 ET

Early Warning Report in Accordance With National Instrument 62-103

JEDDAH, KINGDOM OF SAUDI ARABIA--(Marketwire - June 27, 2011) - Al-Najah Advanced Technology Co. Ltd. ("NAT"), a private company based in Jeddah, Kingdom of Saudi Arabia whose focus is on investment in technology and technology-based ventures and companies, announced that it has agreed to exercise an aggregate of 21,250,000 warrants (each, a "Warrant") to purchase common shares (each, a "Common Share") of Canadian Oil Recovery & Remediation Ltd. ("CORRE") at an exercise price of CDN$0.20 per Common Share. When added to its existing shareholdings of CORRE (which consist of an aggregate of 21,250,000 Common Shares), NAT's total, post-exercise holdings of Common Shares is 42,500,000 Common Shares, representing 40.8% of the 104,092,360 Common Shares issued and outstanding after giving effect to this warrant exercise.

The Common Shares issuable upon the exercise of the Warrants will be held by NAT in the ordinary course of its business for investment purposes. NAT may from time to time, in its 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 it holds or may hold in CORRE, including any of the Common Shares issuable in connection with the exercise of the Warrants. The Common Shares issuable 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 are listed on the TSX Venture Exchange under the trading symbol "CVR".

Contact Information

  • To receive a copy of the early warning report filed by NAT
    regulatory authorities in Canada in connection
    with this press release, please contact:
    Sohail H. Khan
    AI-Najah Advanced Technology Co. Ltd.
    +96626643033 (Ext. 55102)