TORONTO, ONTARIO--(Marketwired - April 17, 2013) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to announce the Company has secured commitments for a private placement financing of units (each an "Equity Unit"), which will result in total proceeds of $750,000. Investors under the equity financing will be issued 5,000,000 Equity Units at a price of $0.15 per Equity Unit, with each Equity Unit consisting of one common share of CORRE (a "Common Share") and one-half of one common share purchase warrant. Each whole warrant issued from the equity financing will entitle the holder to acquire one additional Common Share at a price of $0.25 for a period of 3 years from closing. All of the Common Shares and warrants issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws.
The capital raised under this financing will be utilized by CORRE to fund its operations for 2013 and resume with its bids for the forthcoming 2013 projects. CORRE has successfully submitted its Geo-Sensing Satellite Detection pilot project to the Kuwait Oil Company and is awaiting results. Furthermore, the Company is working closely with TG-Engineering, through the CORRE-TG Engineering partnership, to secure high value contracts in 2013.
CORRE is also pleased to announce it has secured $1.125 million to finance its 45% portion of SAR-CORRE MENA ("SCM") partnerships operating budget for 2013. SCM's other shareholders are preparing to fund the remainder of SCM's 2013 budget of $2.5 million as needed. SCM is a private company which operates independently of CORRE, executing on high value contracts in the MENA region.
SCM has successfully submitted its bid for the previously announced five-year tender in the Middle East and continues to aggressively pursue additional drill cuttings opportunities in the region. SCM expects the Kuwait Oil Company to release the tenders for the high value soil remediation and drill cuttings contracts in Q2 of this year. Additionally, SCM is currently in direct negotiations with refineries in Saudi Arabia to become in-house oil waste management providers to remediate and recover the oil of oily sludge, slop oil and other wastes.
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.
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