Canadian Overseas Petroleum Ltd Prospectus in respect of a Second Tranche Offering (6850H)
09 June 2017 - 9:21PM
UK Regulatory
TIDMCOPL
RNS Number : 6850H
Canadian Overseas Petroleum Ltd
09 June 2017
Canadian Overseas Petroleum Limited
(the "Company")
Publication of Prospectus in respect of a Second Tranche
Offering, a Placing
and application for Admission
The Company is pleased to announce the approval by the UK
Listing Authority of a prospectus (the "Prospectus") prepared by
the Company in relation to the admission, to the standard listing
segment of the Official List of the Financial Conduct Authority
(the "FCA") and to trading on the Main Market for listed securities
of the London Stock Exchange, of: (i) 101,066,868 second tranche
offering closing shares (the "Second Tranche Offering Closing
Shares") in connection with an offering completed by the Company on
3 May 2016; and (ii) 656,000,000 placing shares (the "Placing
Shares" together with the Second Tranche Offering Closing Shares,
the "New Shares") comprising 650,000,000 Placing Shares announced
on 25 May 2017 and a subsequent placing of a further 6,000,000
Placing Shares. The New Shares are expected to be admitted to
trading on the London Stock Exchange, on or about, 12 June 2017
(the "New Share Admission").
Details of the New Shares:
On 3 May 2016, the Company issued 101,066,868 units at a price
of CAD$0.07 per unit (the "Second Tranche Offering"). Each unit
comprised of one common share in the capital of the Company and one
common share purchase warrant. Each warrant entitles the holder
thereof to purchase one common share at a price of CAD$0.095 per
common share at any time prior to 4:30 p.m. (Calgary time) on the
date that is 24 months from the closing date of the closing of the
Second Tranche Offering. Further, on or around 25 May 2017, the
Company completed the placing of 656,000,000 Placing Shares of
GBP0.005 per Placing Share to raise gross proceeds of GBP3.28
million. Each New Share is a common share in the capital of the
Company and ranks pari passu with the Company's existing common
shares.
Copies of the Prospectus, which is dated 8 June 2017, will be
available for inspection for a period of 12 months following New
Share Admission at the offices of McCarthy Tétrault, 26(th) Floor,
125 Old Broad Street, London EC2N 1AR. The Prospectus will also be
available on the website of the Company at http://canoverseas.com,
subject to applicable securities laws, and shall shortly be
submitted to the National Storage Mechanism and be available for
inspection at www.morningstar.co.uk/uk/NSM.
Total voting rights:
Following the New Share Admission, the Company's share capital
and total voting rights comprises 1,273,139,350 common shares of no
par value and the Company does not hold any shares in treasury.
Consequently, 1,273,139,350 is the figure which may be used by
shareholders as the denominator for the calculation by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.
Capitalised terms used in the Prospectus shall, unless the
context provides otherwise, have the same meaning in this
announcement.
About the Company:
The Company is an international oil and gas exploration and
development company focused in offshore West Africa. The Company
holds a 17% working interest in Block LB-13, offshore Liberia, with
ExxonMobil Liberia the operator holding an 83% working interest.
The Company is also actively pursuing opportunities in Nigeria in
partnership with Shoreline as part of its strategy to generate
stable cash flow from secure offshore assets. The Company and
Shoreline, through their jointly held affiliated company, ShoreCan
has acquired 80% of the share capital of Essar Exploration and
Production Limited (Nigeria) which holds an attractive oil
appraisal and development project in shallow to mid water offshore
Nigeria on its 100% holding in OPL 226. Drilling of the first
appraisal well is planned to commence in late 2017. ShoreCan is
currently waiting for final approval from the Government of Nigeria
for the acquisition.
ShoreCan is building a portfolio of exploration and development
assets in sub-Saharan Africa. To date, ShoreCan has taken a
position in Nigeria. It continues to evaluate a variety of
additional assets in Nigeria and 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, please contact:
Mr. Arthur Millholland, President & CEO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 231
Email: cathy@chfir.com
Harriet Jackson/Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 75 4427 5882
Email: copl@yellowjerseypr.com
Broker: London Stock Exchange
Shore Capital Stockbrokers Limited
Edward Mansfield / Mark Percy
Phone: T: +44 20 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
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