Canadian Oil Recovery & Remediation Enterprises Ltd. (TSXV:CVR) announced a private placement of 5,000,000 equity units at a price of CAD 0.15 per unit for gross proceeds of CAD 750,000 on April 17, 2013. Each unit consists of one common share and one half of a share purchase warrant. Each warrant entitles the holder to purchase an additional share of the company at an exercise price of CAD 0.25 per share for a period of three years. The securities issued are subject to a hold period of four months.

On June 17, 2013, the company announced that it has amended the terms of the transaction. The company will now issue 5,555,556 units at CAD 0.135 per unit. The warrant exercise price is now CAD 0.235 per share.

On July 3, 2013, the company announced that it has issued 2,037,040 units for gross proceeds of CAD 275,000 in the first tranche of the transaction. The company expects to close the transaction in one or more further subsequent tranches.

On August 21, 2013, the company announced that the transaction is still going on.