REG - Canadian O'Seas Petr - Completion of USD 8,000,000 Accelerated Bookbuild

Canadian Overseas PetroleumAnnouncement

01/12/2021 08:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211201:nRSA1758Ua&default-theme=true

RNS Number : 1758U  Canadian Overseas Petroleum Ltd  01 December 2021

 

Canadian Overseas Petroleum

Announces Completion of USD 8,000,000 at 20 pence per share Accelerated
Bookbuild

 

Calgary, Canada & London, United Kingdom, December 01, 2021 - Canadian
Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL:
LSE), an international oil and gas exploration and development company, today
announces the successful completion of the oversubscribed accelerated
bookbuild process announced on November 30, 2021 raising gross proceeds of USD
8,000,000 (the "Placing"). A total of 30,250,000 common shares (the "Placing
Shares") were placed by Tennyson Securities (the "Agent") with institutional
investors at a price of 20 pence per Placing Share. The Placing Shares will,
when issued, be credited as fully paid and will rank peri passu in all
respects with the existing issued Common Shares.

The net proceeds of the Placing, in conjunction with COPL's other financial
resources, are intended to be used for a bid for Cuda Energy LLC, or its
assets, through the receivership process mandated for Cuda Oil & Gas Inc.,
a non-operating partner in COPL's Wyoming assets, and for general working
capital.

Applications will be made to the FCA for the Placing Shares to be admitted to
the Official List and to the London Stock Exchange for the Placing Shares to
be admitted to trading on the London Stock Exchange's main market for listed
securities within the next twelve months, in accordance with Listing Rule
14.3.4. Following the Placing, and including the common shares issued pursuant
to the Agent's fees, the Company will have a total of 194,519,464 Common
Shares issued and outstanding. There are no Common Shares held in treasury and
therefore the total number of voting rights in the Company is 194,519,464.
This figure may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the share capital of the
Company under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.

 

About the Company:

COPL is an international oil and gas exploration, development and production
company actively pursuing opportunities in the United States with operations
in Converse County, Wyoming, and in sub-Saharan Africa through its ShoreCan
joint venture company in Nigeria, and independently in other countries.

 

The Company's Wyoming operations are one of the most environmentally
responsible with minimal gas flaring and methane emissions combined with
electricity sourced from a neighbouring wind farm to power production
facilities.

 

For further information, please contact:

Mr. Arthur Millholland, President & CEO

Mr. Ryan Gaffney, CFO

Canadian Overseas Petroleum Limited

Tel: + 1 (403) 262 5441

 

Cathy Hume

CHF Investor Relations

Tel: +1 (416) 868 1079 ext. 251

Email: cathy@chfir.com

 

Charles Goodwin

Yellow Jersey PR Limited

Tel: +44 (0) 7747788221

Email: copl@yellowjerseypr.com

 

Peter Krens

Equity Capital Markets, Tennyson Securities

Tel: +44 (0) 20 7186 9033

Email: peter.krens@tennysonsecurities.co.uk

 

 

The Common Shares are listed under the symbol "XOP" on the CSE and under the
symbol "COPL" on the London Stock Exchange.

This news release contains forward-looking statements. The use of any of the
words "initial, "scheduled", "can", "will", "prior to", "estimate",
"anticipate", "believe", "should", "forecast", "future", "continue", "may",
"expect", and similar expressions are intended to identify forward-looking
statements. The forward-looking statements contained herein are based on
certain key expectations and assumptions made by the Company, including, but
not limited to, the ability to raise the necessary funding for operations,
delays or changes in plans with respect to exploration or development projects
or capital expenditures. Although the Company believes that the expectations
and assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the forward-looking
statements since the Company can give no assurance that they will prove to be
correct since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties most of
which are beyond the control of Canadian Overseas Petroleum Ltd. For example,
the uncertainty of reserve estimates, the uncertainty of estimates and
projections relating to production, cost overruns, health and safety issues,
political and environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas industry could
cause actual results to vary materially from those expressed or implied by the
forwardlooking information. Forward-looking statements contained in this news
release are made as of the date hereof and Canadian Overseas Petroleum
undertakes no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEEAXAFESFFFEA