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CORRE Announces Closing of Financing and Debt Retirement |
March 18, 2015
TORONTO, ONTARIO--(Marketwired - March 17, 2015) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to announce that the Company has received final approval from the TSX Venture Exchange (the "Exchange") and has closed its previously announced private placement financing (the "Financing") of units (each a "Unit") at a price of $0.05 per Unit and the retirement of $1,003,000 of indebtedness owing under previously provided shareholder loans (the "Shares for Debt Transaction"). An aggregate of 35,877,960 Units have issued under the Financing for gross proceeds of $1,783,898 and a further 20,060,000 Units have issued under the Shares for Debt Transaction. Each 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 $0.075 for a period of 4 years from closing. All of the Common Shares and warrants issued in connection with the Financing and the Shares for Debt Transaction are subject to a statutory four-month hold period in accordance with applicable securities laws, which will expire on July 17, 2015. The capital raised under this Financing will be utilized by CORRE to pursue new revenue generating opportunities, to formalize new partnerships and agreements, and for working capital.
http://www.marketwired.com/mw/release.do?id=2001102&sourceType=3
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