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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. |
