Canadian Oil Recovery and Remediation Enterprises Ltd. (TSXV: CVR) (CORRE) have launched a private placement financing of units for total proceeds of C $750,000.
To date, some 2 million equity units have been issued at $0.135 per unit for total proceeds of $275,000. Each equity unit consists of one common share of CORRE 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 three 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.
Proceeds will be used to fund obligations under its principal operating partnership, SAR-CORRE MENA, as well as to provide general working capital.
Canadian Oil Recovery and Remediation Enterprises Ltd. is a oil services company engaged in provided full cycle oil waste management solutions to the petroleum industry. The company is headquartered in Toronto.