subject: Aarkstore Enterprise - Canadian Oil Recovery & Remediation Enterprises Completes Private Placement [print this page] Aarkstore announce a new report "Canadian Oil Recovery & Remediation Enterprises Completes Private Placement Of $0.7 Million: Funding Its Working Capital and Other Financial Needs Deal Analysis " through its vast collection of market research report.
Summary
Canadian Oil Recovery & Remediation Enterprises Ltd. (CORRE), a provider of remediation services, completed a private placement of 5 million units of the company at price of CAD0.15 per unit ($0.14 per unit), for gross proceeds of CAD0.75 million ($0.71 million). Each 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 CAD0.3 per common share ($0.28 per common share) for a period of 2 years from the closing date.
The offering was subscribed primarily by CORREs management, board of directors and long-term shareholders. The company intends to use the proceeds from the offering for general working capital purposes for both CORRE and SAR-CORRE. These companies are waiting for the release of upcoming remediation contracts, including contracts for the clean-up of the Kuwait Oil Lakes.
The common shares and warrants issued in connection with the private placement are subject to a statutory four-month hold period in accordance with applicable securities laws.
