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

Canadian Oil Recovery & Remediation Enterprises Ltd.

July 08, 2010 16:58 ET

Early Warning Report in Accordance With National Instrument 62-103

TORONTO, ONTARIO--(Marketwire - July 8, 2010) - In connection with a recently completed financing by Canadian Oil Recovery & Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Corporation"), Mr. Hassan Dahlawi, a director of the Corporation, directly acquired ownership of an aggregate of 1,765,815 units of the Corporation (each, a "Unit") at a price of $0.15 per Unit. Each Unit is comprised of one common share of CORRE (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable into one additional Common Share at a price of $0.30 for a period of 2 years from the closing date. The 1,765,815 Common Shares acquired by Mr. Dahlawi represent approximately 2.26% of the 78,234,263 Common Shares that are currently issued and outstanding. Prior to acquiring the aforementioned Common Shares and Warrants, Mr. Dahlawi owned or exerted control or direction over an aggregate of 9,728,980 Common Shares. Mr. Dahlawi now owns or exerts control or direction over 11,494,795 Common Shares, or approximately 14.7% of the 78,234,263 Common Shares that are currently issued and outstanding (undiluted), together with share purchase warrants entitling the Offeror to acquire a further 5,515,815 Common Shares and 400,000 stock options of CORRE.

Mr. Dahlawi advises that the Common Shares and Warrants that he has acquired are for investment purposes only and that he may acquire additional securities of the Corporation, dispose of some or all of the securities he now owns or controls or may continue to hold his current position. The acquisition of the Common Shares and Warrants by Mr. Dahlawi was exempted from securities legislation under Section 2.3 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".

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
Suite 110, 141 Adelaide Street West
Toronto, Ontario M5H 3L5
Tel : (416) 368-2220

Contact Information

  • Canadian Oil Recovery & Remediation Enterprises Ltd.
    Hassan Dahlawi
    Director
    (416) 368-2220