Canadian Overseas Petroleum Limited ('COPL'), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, has successfully completed its US$14.8 million convertible bond financing on March 24, 2023 with the full increase option being exercised.
The Convertible Financing has been led by the main bondholder, institutional stakeholders, and new institutional investors providing the full amount of US$14.8 million principal, showing their strong support for the Company. 70,257,026 new warrants have been issued in this Convertible Financing. Closing of the Convertible Financing also triggered the 6th Amendment and Waiver of certain covenants pursuant to its Senior Credit Facility, as announced March 20, 2023.
Further to the announcement of March 20, 2023, the Company has also issued 26,842,036 common shares settling $2.2 million of payables to arm's length creditors of the Company. The price at which the Shares were issued was at a premium to the LSE share price.
Applications will be made to the FCA for these Shares to be admitted to the Official List and to the London Stock Exchange for the Shares to be admitted 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.
Source: COPL
