Petroleum Africa
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Thursday, June 25, 2020
Canadian Overseas Petroleum, the international oil and gas exploration and development company focused on sub-Sahara Africa, has entered into agreements for a £700,000 common share placing with three (3) investors at 0.3 Pence per common share. The funds received by the Company from the Placing will cover general working capital and enable the Company to continue focusing on its Nigerian OPL 226 project as disclosed on June 4, 2020.
The Company has entered into a non-brokered subscription agreement with an Investor for £500,000 of the Placing, and has agreed to pay a finders fee of £35,000 cash and 12,500,000 common share purchase warrants exercisable for 24 months at a 30% premium to the Placing Price for this portion of the Placing. In addition, YA II PN, Ltd and Riverfort Global Opportunities PCC (‘RGO’) have committed to participate in the Placing for £100,000 each, as disclosed in the Company’s Press release of June 15, 2020, at the Placing Price. The Placing is conditional on admission of the Placing Shares to trading on the LSE which is anticipated to be on or around 2 July 2020.
Arthur Millholland, President and CEO, commented: “The timing of this common share placing is appropriate given the recent movement in the Company’s share price and associated high trading volumes in the London market. This is the next step to our recently announced Loan Agreement with YA and RGO, and it again confirms the quality of the Company’s principal asset.”
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