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Canadian Oil Recovery & Remediation Raises $4.5 Million upon Exercise of Warrants - A Step to Finance Ancillary Operating Equipment Purchase and Working Capital Needs
GlobalData, June 2011, Pages: 5
Canadian Oil Recovery & Remediation Raises $4.5 Million upon Exercise of Warrants - A Step to Finance Ancillary Operating Equipment Purchase and Working Capital Needs - Deal Analysis from GlobalData
Summary
Canadian Oil Recovery & Remediation Enterprises Ltd. (CORRE), a company engaged in providing oil recovery and remediation services, issued 22,187,500 shares at a price of CAD0.2 per share ($0.2 per share) for gross proceeds of CAD4.44m ($4.52m), upon exercise of warrants. Of the total placement, Al-Najah Advanced Technology Co. Ltd (NAT) exercised 21,250,000 warrants and Mr. Hassan Dahlawi, a Director of CORRE, exercised 937,500 warrants. The company intends to use the net proceeds from the placement towards purchase of ancillary operating equipment and for working capital requirements.
Scope
- Rationale behind Canadian Oil Recovery & Remediation Enterprises Ltd. issuing 22,187,500 shares for gross proceeds of CAD4.44m ($4.52m)
- Strategic Benefit for the company,
- Geography covered -Canada
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in North American industry,
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Canada's oil & gas market,
- Get a detailed analysis of a deal to enable you to take better decisions.
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