REG-Canadian Overseas Petroleum Limited: Exemption re CSE Policy 4 Requested

Canadian Overseas PetroleumAnnouncement

15/01/2024 07:15

 Canadian Overseas Petroleum Limited Requests Exemptions under Policy 4 of
the Canadian Securities Exchange

CALGARY, AB, Jan. 12, 2024 -- Canadian Overseas Petroleum Limited (the
"Company") (CSE: XOP) (LSE: COPL) announces that is has requested exemptions
under Policy 4, Corporate Governance, Security Holder Approvals and
Miscellaneous Provisions ("Policy 4")  of the Canadian Securities Exchange
(the "CSE") with respect to the requirement for security holder approval of an
offering.

In relation to the offering announced on December 29, 2023 (the "Offering"),
the Company under Policy 4 of the CSE, is required to hold a security holder
vote on the Offering due to the Offering including a number of issuable
securities that is more than 100% of the currently outstanding securities,
unless the Company qualifies for exemptions under Policy 4.

The Company satisfies the majority of the these requirements for an exemption
as the Company is in serious financial difficulty, the Company has reached an
agreement to complete the Offering and the independent directors of the board
of directors have determined that the Offering is in the best interests of the
Company, is reasonable in the circumstances and that it is not feasible to
obtain security holder approval or complete a rights offering to existing
security holders on the same terms as the Offering. The Company is, however,
requesting an exemption from the application of Policy 4 as a "Related
Person", as defined therein, is participating in the Offering and from the
requirement to issue a news release five days in advance of the Offering, with
the scheduled closing of the Offering being early next week.

The Company is requesting these exemptions from Policy 4 on the basis of the
serious financial difficulty facing the Company at this time, as outlined in
previous news releases and public disclosure.

For further information, please contact:

Mr. Thomas Richardson, Chairman
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

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither
approved nor disapproved of the contents of this press release.

SOURCE Canadian Overseas Petroleum Limited

 



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