| Home : June 2011 : June 28, 2011 News : CORRE Closes Additional Financing Tranche |
CORRE Closes Additional Financing Tranche |
June 28, 2011
TORONTO, ONTARIO--(Marketwire - June 28, 2011) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") announced today the completion of an additional tranche of the Company's previously announced private placement. Pursuant to this second tranche closing, an aggregate of 937,685 units (each a "Unit") have been issued at a price of $0.38 per Unit, for total gross proceeds of $356,320. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.625 for a period of two years from closing. The Common Shares and Warrants issued in connection with this private placement 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 operating assets, strategic operating partnerships and for general working capital purposes.
http://www.marketwire.com/mw/release.do?id=1532525&sourceType=3
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