TIDMCOPL
RNS Number : 2853X
Canadian Overseas Petroleum Ltd
25 April 2023
Conversion of Bonds & Share Issuances
London, United Kingdom; Calgary, Canada: April 25, 2023 -
Canadian Overseas Petroleum Limited and its affiliates ("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, announces the issuance of
16,096,814 common shares (the "Shares").
The Company has issued 4,895,960 common shares pursuant to
conversions of $0.2 million principal of 2027 Bonds and $0.2
million principal of 2028 Bonds. Following these conversions,
COPL's outstanding bonds include:
2027 Bonds principal outstanding: $15.8 million (79 bonds)
2027 Bondholders: 8
2028 Bonds principal outstanding: $17.2 million (86 bonds)
2028 Bondholders: 7
In addition, on April 26, 2023, the Company will issue
10,561,412 Shares pursuant to the share settlement option exercised
by a Bondholder for settlement of $0.7 million of Conversion
Payment amounts (and related accrued interest) due pursuant to
previously converted 2027 and 2028 Bonds. The number of Shares
issued for settlement of this Conversion Payment is based on the
lowest 5-day VWAP following election of the share settlement option
for the Conversion Payments.
Further to the announcement of March 20, 2023, the Company also
issued 639,442 common shares settling $0.05 million of payables to
arm's length creditors of the Company at a premium to the LSE share
price.
Applications will be made for the Shares to be admitted to the
FCA's Official List and 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 these issues of Shares, the Company will have a total
of 412,513,804 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 412,513,804. 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 Wyoming.
The Company operates three Units: Cole Creek 100% WI, Barron
Flats Shannon (Miscible) 85% WI and the Barron Flats Federal (Deep)
85% WI in addition to non-unitized lands 100% WI.
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) 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
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 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.
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