Canadian Oil Recovery and Remediation Enterprises Ltd. has announced that the company has secured commitments for a private placement financing of units, which will result in total proceeds of US$2 500 000. Investors under the equity financing will be issued 50 000 000 Equity Units at a price of US$0.05 per Equity Unit, with each Equity Unit consisting of one common share of CORRE 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 US$0.075 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 utilised by CORRE to pursue new revenue generating opportunities, to formalise new partnerships and agreements, and for working capital.
"We are thankful for the strong and continued support from our investors, major shareholders and our Board." stated Mr. John Lorenzo, the company's CEO. "Today's financing gives CORRE the ability to pursue oily waste treatment opportunities with partners in 2015."
Adapted from press release