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
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.
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
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