Calgary, Alberta (FSCwire) – Canadian Overseas Petroleum Limited (the "Company") (TSXV: XOP) (LSE: COPL), an international oil and gas exploration and development company, is pleased to announce a Common Share offering to raise gross proceeds of £3 million (US$ 3.8 million) (the "Placing"), pursuant to which the Company will issue 895,523,000 new common shares ("Placing Shares") at a price of 0.335 pence per Placing Share.
Full details of the Placing will be included in the Prospectus to be filed with the UK Listing Authority (the "UKLA"), which is expected to be published prior to the end of August 2018.
Use of proceeds
As at 30 June 2018, the Company had consolidated cash balances of US$1,736,000. The Company intends to use the net proceeds of the Placing to fund the Company's on-going general and administrative expenses. This principally covers a full technical team including geologists, a geophysicist, reservoir engineers, a drilling engineer and in-house Counsel, which are approximately US$400,000 per month, as the Company seeks to progress its projects in West Africa.
Click on, or paste the following link into your web browser, to view the announcement in full.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact firstname.lastname@example.org or visit www.rns.com.
To view the associated document to this release, please click on the following link:
Source: Canadian Overseas Petroleum Limited (TSX Venture:XOP, LSE:COPL)
Maximum News Dissemination by FSCwire. https://www.fscwire.com
Copyright © 2018 FSCwire