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Canadian Oil Recovery & Remediation Enterprises Ltd Announces Closing Of Financing First Tranche


Wednesday, 3 Jul 2013 05:57pm EDT 

Canadian Oil Recovery & Remediation Enterprises Ltd announced the closing of the first tranche of its previously announced private placement of units of CORRE (each, an Equity Unit) at a price of $0.135 per Equity Unit. An aggregate of 2,037,040 Equity Units have been issued for total proceeds of $275,000. 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. All of the Common Shares and warrants issued in connection with this offering 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 to fund the Company's obligations under its principal operating partnership, SAR-CORRE MENA, as well as to provide general working capital. The foregoing offering of Equity Units at a price of $0.135 per Unit for total gross proceeds of $750,000 is ongoing and the Company is awaiting further pending subscriptions, which it expects to complete in one or more further subsequent tranche closings. 

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