REG - Canadian O'Seas Petr - COPL Completes $13m Accelerated Bookbuild

Canadian Overseas PetroleumAnnouncement

19/04/2022 13:30

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RNS Number : 6194I  Canadian Overseas Petroleum Ltd  19 April 2022

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PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN
CANADIAN OVERSEAS PETROLEUM LIMITED OR ANY OTHER ENTITY IN ANY JURISDICTION.
NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE
BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN
RESPECT OF CANADIAN OVERSEAS PETROLEUM LIMITED.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK
VERSION OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.

 

COPL Completes $13m Accelerated Bookbuild at 20 pence per share

London, United Kingdom; Calgary, Canada: April 19, 2022 - Canadian Overseas
Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an
international oil and gas exploration, production and development company with
production and development operations focused in Converse and Natrona
Counties, Wyoming, USA, is pleased to announce that it successfully completed
an oversubscribed accelerated bookbuild process.

 

The oversubscribed accelerated bookbuild process announced on April 19, 2022
has raised gross proceeds of USD13 million. A total of 49,930,000 units of the
Company (the "Placing Units") were placed by H&P Advisory Limited ("Hannam
& Partners") and Tennyson Securities (a trading name of Shard Capital
Partners LLP) ("Tennyson Securities") (the "Bookrunners") with institutional
investors at a price of 20 pence per Placing Unit. Each Placing Unit comprises
one common share in the Company (each a "Common Share") and one half of one
common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant
shall entitle the holder thereof to purchase one additional Common Share,
exercisable at 24 pence per Common Share for the period of 6 months from the
Settlement Date (as defined below) of the Placing Shares.

 

The 49,930,000 Common Shares comprised in the Units to be issued pursuant to
the Placing (the "Placing Shares") will, when issued, be credited as fully
paid and will rank pari passu in all respects with the existing issued Common
Shares. Settlement of transactions in the Placing Shares is expected to take
place, through depositary interests ("DIs") within the CREST system, on or
around 22 April 2022 (the "Settlement Date").

 

The net proceeds of the Placing, in conjunction with COPL's other financial
resources, are intended to be used for facility upgrades and drilling
activities, 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, , the Company will have a total of 244,449,464
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
244,449,464. 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.

 

 

Arthur Millholland, President & CEO, commented:

"We remain fortunate to have a strong and supportive equity ownership base. We
are taking this opportunity to ensure they can participate in our future
expected success and fund the proposed expansionary capex that will be
associated with our new and increased ownership in our flagship assets."

 

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.

 

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) 77 4778 8221

Email: copl@yellowjerseypr.com

 

Peter Krens

Equity Capital Markets, Tennyson Securities

Tel: +44 (0) 20 7186 9033

 

Alex Wood & Keith Dowsing

Joint Broker

Alternative Resource Capital

AW: +44 (0) 7559 910872

KD: +44 (0) 7559 910873

 

Andrew Chubb / Neil Passmore

Advisors/Joint Brokers

Hannam & Partners

+44 (0) 20 7907 8500

 

Tony Loria/Kevin Leonard

Advisors

Eight Capital

TL: +1403-268-7433

KL: +1403-268-7428

 

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

 

 

Caution regarding forward looking statements

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
forward-looking 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.

 

 

Hannam & Partners, which is a member of the London Stock Exchange, is
authorised and regulated in the United Kingdom by the FCA and is acting as
joint broker and sole financial adviser in connection with the Placing.
Tennyson Securities, which is a member of the London Stock Exchange, is
authorised and regulated in the United Kingdom by the FCA and is acting as
joint broker in connection with the Placing. Each of Hannam & Partners and
Tennyson Securities are acting exclusively for the Company in connection with
the matters referred to in this announcement and for no-one else and will not
be responsible to anyone other than the Company for providing the protections
afforded to their respective clients, nor for providing any advice in relation
to the contents of this announcement or any transaction, arrangement or matter
referred to herein.

 

This announcement has been issued by and is the sole responsibility of the
Company. No representation or warranty, express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by either Hannam & Partners (apart from the responsibilities or
liabilities that may be imposed by the Financial Services and Markets Act
2000, or the regulatory regime established thereunder) Tennyson Securities, or
the Company or by any of their respective

affiliates or agents as to, or in relation to, the accuracy or completeness of
this announcement or any other written or oral information made available to
or publicly available to any interested party or its advisers, and any
liability therefore is expressly disclaimed.

 

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