Canadian Oil Recovery & Remediation Enterprises Completes Private Placement Of $0.7 Million: Funding Its Working Capital and Other Financial Needs – Deal Analysis From GlobalData
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 the private placement are subject to a statutory four-month hold period in accordance with applicable securities laws.
- Rationale behind Canadian Oil Recovery & Remediation Enterprises Undertaking Private Placement
- Key Reasons for the company's decision to offer private equity
- Geography covered - Canada
- Deal Financials and Valuations
- Information on Canadian Oil Recovery & Remediation Enterprises
Reasons to buy
- Develop a sound undestanding of Private Placements, Debt Offering and Equity Offerings in the North American Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Canadian oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
- Know about the major companies, which are g