Avant Imaging & Integrated Media Inc. entered into a binding letter agreement to acquire Canadian Oil Recovery & Remediation Enterprises Ltd. (TSXV:CVR) in a reverse merger transaction on January 2, 2019. Under the agreement, Avant Imaging & Integrated Media shareholders shall receive consideration consisting of a cash payment in the aggregate amount of CAD 3.38 million and the issuance of common shares in the capital of Canadian Oil Recovery & Remediation Enterprises having an aggregate value of CAD 4.47 million for an aggregate purchase price of CAD 7.85 million. Canadian Oil Recovery & Remediation Enterprises’ name will be changed to Avant Imaging & Integrated Media Inc. The management of Avant Imaging & Integrated Media will become the management of the public company after completion. Avant Imaging & Integrated Media’s location will remain intact and it will continue to carry on business as usual without any disruption. In connection with the agreement, companies expect to complete an equity financing for aggregate gross proceeds of not less than CAD 4.25 million. In addition, all of the outstanding shareholder loans of Canadian Oil Recovery & Remediation Enterprises will be converted into common shares of Canadian Oil Recovery & Remediation Enterprises at a price of CAD 0.05. Completion of the deal is subject to a number of conditions, including, but not limited to: the satisfaction of the initial listing requirements of the TSX Venture Exchange; Exchange approval; completion of a satisfactory due diligence review; completion or waiver of sponsorship; completion of the financing and the approval of the shareholders and Board of Directors of each of Canadian Oil Recovery & Remediation Enterprises and Avant Imaging & Integrated Media Inc.