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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Canadian Oil Recovery and Remediation Enterprises Ltd (CE) | USOTC:CRVYF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00001 | 0.00 | 01:00:00 |
Mr. Alex Gress, CFO and Senior Vice President of CORRE, stated, "Our ability to continue to raise capital in such volatile market conditions is a testament to the confidence investors have in CORRE's ongoing growth strategy. Shareholders value our technology for soil remediation and oil recovery and showed their continued support through the closing of this capital raise. The additional funds will help CORRE to further execute on its business plan."
As part of the completion of this third tranche, CORRE has agreed to pay Harris Brown & Partners Limited (the "Agent") a cash commission equal to 8% of the gross proceeds on the portion of this third tranche financing raised by the Agent and broker warrants equal to 8% of the Units placed by the Agent. Each broker warrant entitles the Agent to acquire one common share at a price of $0.625 per share for a period of two years. A cash payment in the amount of $30,016 is payable in connection with this third tranche closing and an aggregate of 78,989 broker warrants have been issued to the Agent.
For further details concerning the financing, please refer to the Company's press releases dated February 8, April 8, May 13 and June 28, 2011.
About CORRE
CORRE (www.corre.com) is a Canadian-based clean technology company that provides innovative and complete oil waste management and environmental solutions to its customers. 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 services through its owned and operated Advanced Recovery Equipment Systems ("ARES") and through strategic operating partnerships. ARES is a platform of services and operating equipment facilities based on proven technologies and innovative operating processes. 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).
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.
Contacts: CORRE LTD. Alex Gress CFO 416-368-4027 agress@corre.com CORRE LTD. Lindsay Cross 416-368-3050 lcross@corre.com www.corre.com KCSA Strategic Communications Todd Fromer 212-896-1215 KCSA Strategic Communications Phil Carlson 212-896-1233 KCSA Strategic Communications Adam Pollack 212-896-1232 Corre@kcsa.com
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