CORRE Retains Its 45% Interest in SAR-CORRE MENA
23 Janvier 2014 - 7:52PM
Marketwired
CORRE Retains Its 45% Interest in SAR-CORRE MENA
TORONTO, ONTARIO--(Marketwired - Jan 23, 2014) - Canadian Oil
Recovery and Remediation Enterprises Ltd. (TSX-VENTURE:CVR)
("CORRE" or the "Company") is pleased to announce that the Company
has entered into an agreement (the "Loan Re-structuring Agreement")
to re-structure its loan arrangement relating to the funding of its
proportionate contribution to the 2013 operating budget of
SAR-CORRE MENA ("SCM") (SCM is a private company that operates
independently of CORRE, executing on oil services contracts
employing CORRE's suite of oil waste management solutions in the
MENA region). As announced by press release dated May 22, 2013, a
portion of CORRE's contribution to SCM's operating budget was
financed via a loan in the amount of $562,500 from Mr. Ahmed
Al-Hamdan. As partial consideration for the foregoing loan, CORRE
agreed to transfer 5% of its 45% interest in SCM to Mr. Al-Hamdan.
Funds advanced under the foregoing loan were delivered in stages,
with the full amount of the loan having been advanced by December
31, 2013. Rather than proceeding with the transfer by CORRE to Mr.
Al-Hamdan of 5% of CORRE's 45% interest in SCM, the parties have
entered into the Loan Re-structuring Agreement, which sets out the
following terms:
- Mr. Al-Hamdan will be conveyed a 60% interest in Lamar Limited,
a Jebel Ali Free Zone offshore company that owns and controls 10%
of SCM;
- CORRE will deliver a promissory note in the amount of $138,750
to the holder of a 60% interest in Lamar Limited as consideration
for the aforementioned transfer (such note shall mature on December
31, 2014, but shall be open for prepayment in full or in part at
any time or times without interest, notice, or bonus);
- CORRE will settle the remaining balance of the loan owing to
Mr. Al-Hamdan (in the aggregate amount of $423,750) via the
issuance of 3,138,889 units of CORRE at a price of $0.135 per unit,
each such unit consisting of one common share of CORRE and one-half
of one common share purchase warrant. Each whole common share
purchase warrant will entitle the holder to acquire one additional
common share of CORRE at a price of $0.235 for a period of 3 years
from issuance. All of the foregoing common shares and warrants will
be subject to a statutory four-month hold period in accordance with
applicable securities laws; and
- The previously announced agreement for CORRE to transfer 5% of
CORRE's 45% interest in SCM to Mr. Al-Hamdan will be cancelled and
CORRE will retain its 45% interest in SCM.
The foregoing transactions are subject to the review and
approval of the Board of Directors and the TSX Venture
Exchange.
About CORRE
CORRE is a Canadian-based oil services company which trades on
the TSX Venture Exchange under the symbol CVR. CORRE provides full
cycle oil waste management solutions to the petroleum industry.
CORRE's customers are primarily in the upstream petroleum sector
(oil production and drilling companies) and downstream petroleum
sector (oil refinery, transportation and distribution companies).
CORRE's operating lines include remediating oil-contaminated soil;
treating sludge, oil based muds and drilling waste, oil recovery;
automated oil storage tank cleaning, oil and gas engineering, and
project management. CORRE provides its advanced environmental
solutions through strategic operating partnerships with some of the
most distinguished companies throughout the world.
Forward-Looking Statements
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
forward-looking statements. Forward-looking statements are based on
the opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. Except as required by applicable securities
requirements, the Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
CORRE Ltd.John LorenzoChairman &
CEO416-368-4027jlorenzo@corre.comCORRE Ltd.David FreemanCorporate
Development & Shareholder
Communications416-368-4027dfreeman@corre.com
Canadian Oil Recovery an... (TSXV:CVR)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Canadian Oil Recovery an... (TSXV:CVR)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
Real-Time news about Canadian Oil Recovery and Remediation Enterprises Ltd (TSX Venture Exchange): 0 recent articles
Plus d'articles sur Cdn Oil Recovery & Remediation Ent Ltd.