Canadian Overseas Petroleum Ltd Expected Admission to Trading in London of Shares (6815J)
13 September 2016 - 8:00PM
UK Regulatory
TIDMCOPL
RNS Number : 6815J
Canadian Overseas Petroleum Ltd
13 September 2016
Canadian Overseas Petroleum Limited Announces Expected
Admission to Trading in London of Shares
Calgary, Canada, 13 September 2016 - Canadian Overseas Petroleum
Limited ("COPL" or the "Company") (TSX-V: XOP) (LSE: COPL), has
made an application for the admission (the "New Shares Admission")
to the standard listing segment of the Official List, and to
trading on the London Stock Exchange's main market for listed
securities, of 2,774,286 common shares of no par value in the
capital of the Company (the "New Shares"). New Shares Admission is
expected to become effective at 8:00 am (London time) on 16
September 2016.
The New Shares are common shares underlying Warrants (defined
below) forming part of the units issued by the Company in
connection with the previously announced first tranche private
placement of 22,857,143 units (the "Units") in the Company to
investors in the United Kingdom on a non-brokered basis which
closed on April 28, 2016 (the "Offering"). Each Unit consisted of
one common share ("Common Share") in the capital of the Company and
one Common Share purchase warrant ("Warrant"). The Common Shares
and Warrants comprising the Units separated immediately upon
closing.
Under the Offering, each Warrant entitled the holder thereof to
purchase one Common Share at an exercise price of GBP0.0475 per
Common Share at any time prior to 16:30 hrs (Calgary time) on or
before the date that is 24 months from the closing of the
Offering.
In accordance with Section 86(1)(b) of the Financial Services
and Markets Act 2000 (as amended), and Prospectus Rule 1.2.3(R)(1),
the Company is not required to publish a prospectus in relation to
the New Shares Admission.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in the United
States, nor shall there be any sale of the Units in any
jurisdiction in which such offer, solicitation or sale may be
unlawful. The Common Shares and Warrants have not been and will not
be registered under the 1933 Act or any U.S. state securities laws
and may not be offered or sold in the United States absent
registration under the 1933 Act or an applicable exemption from the
registration requirements of the 1933 Act and applicable U.S. state
securities laws.
About the Company
The Company is an international oil and gas exploration and
development company focused in the offshore West Africa. The
Company holds a 17% working interest in Block LB-13, offshore
Liberia, with ExxonMobil the operator holding an 83% working
interest. The Company is actively pursuing opportunities in Nigeria
in partnership with Shoreline Energy as part of its strategy to
generate stable cash flow from secure offshore assets. The Company
and Shoreline through their jointly held affiliated company,
Shoreline Canadian Overseas Petroleum Development Corporation
("Shorecan") are currently seeking Government of Nigeria approval
for the acquisition of 80% of a Nigerian corporation holding an
attractive oil appraisal and development project in mid water
offshore Nigeria.
ShoreCan is building a portfolio of exploration and development
assets in sub-Saharan Africa. To date, ShoreCan has taken a
position in Nigeria, Namibia and an option to take a position in
Tanzania. It continues to evaluate a variety of assets in Nigeria,
Equatorial Guinea.
The Common Shares are listed under the symbol "XOP" on the TSXV
and under the symbol "COPL" on the London Stock Exchange.
For further information on the Company, please link here:
http://canoverseas.com/
For Further Information Please Contact:
Arthur Millholland, President and CEO
Phone: + 1 403 262 5441
Investor and Public Relations
Yellow Jersey PR Limited CHF Investor Relations
Harriet Jackson / Dominic Cathy Hume
Barretto +1 (416) 868 1079 ext.
+44 7544 275 882 / +44 231
7768 537 739 Toll Free: +1 877 838
1079
Forward-Looking Statements
This press release may contain forward-looking statements under
applicable securities legislation. Forward-looking information in
this press release may include, but is not limited to, statements
about the New Shares Admission. The forward-looking statements in
this press release are based on the Company's current expectations
and assumptions as to a number of factors including regulatory
approvals and general economic and industry conditions. If those
expectations and assumptions prove to be incorrect, or factors
change, then actual results could differ materially from the
forward-looking statements contained in this press release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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