CORRE Announces Final Tranche of Equity Financing
10 Diciembre 2013 - 4:13PM
Marketwired
CORRE Announces Final Tranche of Equity Financing
TORONTO, ONTARIO--(Marketwired - Dec 10, 2013) - Canadian Oil
Recovery & Remediation Enterprises Ltd. (TSX-VENTURE:CVR)
("CORRE" or the "Company") announces that it has closed the second
and final tranche of its previously announced private placement
financing of units (each an "Equity Unit") with the issuance of an
aggregate of 2,444,444 Equity Units for gross proceeds of $330,000.
An aggregate of 4,481,484 Equity Units have been issued under this
offering at a price of $0.135 per Equity Unit for total gross
proceeds of $605,000. 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 entitles the holder to acquire
one additional Common Share at a price of $0.235 for a period of 3
years from the date of issuance. All of the Common Shares and
warrants issued in connection with this offering will be subject to
a statutory four-month hold period in accordance with applicable
securities laws. The proceeds from this financing will be used to
fund the Company's obligations under its principal operating
partnership, SAR-CORRE MENA, as well as to provide general working
capital.
About CORRE
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.
CORRE LTD.John LorenzoChairman &
CEO416-368-4027jlorenzo@corre.comCORRE LTD.David FreemanCorporate
Development & Shareholder
Communications416-368-4027dfreeman@corre.com
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