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Canadian Oil Recovery & Remediation Enterprises Completes Private Placement Of $0.7 Million: Funding Its Working Capital and Other Financial Needs Product Image

Canadian Oil Recovery & Remediation Enterprises Completes Private Placement Of $0.7 Million: Funding Its Working Capital and Other Financial Needs

  • Published: July 2010
  • Region: Global, Canada
  • 10 pages
  • GlobalData

Canadian Oil Recovery & Remediation Enterprises Completes Private Placement Of $0.7 Million: Funding Its Working Capital and Other Financial Needs - Deal Analysis From GlobalData

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 CORRE's 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 READ MORE >

1
1.1 List of Tables
1.2 List of Figures
2 Deal Analysis
2.1 Summary
2.2 Deal Overview
3 Canadian Oil Recovery & Remediation Enterprises Completes Private Placement Of $0.7 Million
3.1 Deal Overview
3.2 Deal in Brief
3.3 The financing arrangement aimed at funding the company’s much needed working capital needs in light of the upcoming remediation contracts
3.4 Current financial position may restrain company’s future growth initiatives
3.5 CORRE to expand its geographical footprints in the Middle East and North Africa region and restructure the business model
3.6 CORRE to establish itself with its specialized ARES I, II and III operating facilities and technologies
3.7 CORRE to continuously draw finances through different financing options
3.8 Deal Financials and Valuations
3.8.1 Companies Involved
3.8.2 Deal Financials
3.8.3 Deal Rationale
3.8.4 Detailed Target Information
3.8.5 Key Financials
3.8.6 Share Price Information
3.8.7 Company Valuation Multiples
4 Appendix
4.1 About Energy eTrack
4.2 Methodology
4.2.1 Coverage
4.2.2 Secondary Research
4.2.3 Primary Research
4.2.4 Expert Panel Validation
4.3 Contact Us
4.4 Disclaimer

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