JEDDAH, Saudi Arabia, June 16 /CNW/ - Al-Najah Advanced Technology Co. Ltd. ("NAT"), a private company based in Jeddah, Kingdom of Saudi Arabia whose focus is on investment in technology and technology-based ventures and companies, announced that it has exercised its right to convert the convertible secured debenture in the principal amount of CDN$4,250,000 (the "Debenture") previously issued to it by Canadian Oil Recovery & Remediation Ltd. ("CORRE"), a Canadian public company listed on the TSX Venture Exchange (symbol "CVR"), at a conversion price of CDN$0.20 per common share. Upon such exercise, the remaining CDN$2,850,000 of the principal amount of the Debenture plus accrued interest held in escrow has been released to CORRE, and NAT is entitled to receive an aggregate of 21,250,000 common shares of CORRE.
As a result of such conversion, NAT has also become eligible to exercise, in its sole discretion, all or any portion of the 21,250,000 warrants to purchase additional common shares of CORRE previously granted by CORRE to NAT, at an exercise price of CDN$0.20 per common share (the "Warrant"). In the event of the full exercise by NAT of the Warrant, NAT would own 42,500,000 common shares of CORRE, representing approximately 43.26% of CORRE's issued and outstanding common shares (on a partially-diluted basis).
The Warrant and the common shares of CORRE issuable upon the conversion of the Debenture are held by NAT in the ordinary course of its business for investment purposes. NAT may from time to time, in its sole discretion and subject to applicable law, depending on market or other conditions, exercise all or any portion of the Warrant, acquire additional securities of CORRE, dispose of some or all of the existing or additional securities it holds or may hold in CORRE, including any of the common shares issuable in connection with the conversion of the Debenture, or may determine not to proceed with any exercise of the Warrant or any other transaction in respect of CORRE or its securities.
SOURCE AL-NAJAH ADVANCED TECHNOLOGY CO. LTD.
For further information: For further information: or to receive a copy of the early warning report to be filed by NAT with securities regulatory authorities in Canada in connection with this press release, please contact: Sohail H. Khan, Al-Najah Advanced Technology Co. Ltd., P.O. Box 8918, Jeddah 21492, Kingdom of Saudi Arabia, Telephone: + 966 2 664 3033 (Ext. 55102)