CALGARY, CANADA / ACCESSWIRE / October 2, 2017 / Canadian Overseas Petroleum Limited (the "Company") (TSX-V: XOP; LSE: COPL), is pleased to announce an offering of common shares in the capital of the Company to raise gross proceeds of £2.5 million (the "Placing"), pursuant to which the Company will issue 250,000,000 new common shares ("Placing Shares") to UK investors at a price of 1 penny (£0.01) per Placing Share.
The Company intends to use the net proceeds of the Placing to fund the Company's on-going general and administrative expenses which principally covers a full technical team including geologists, a geophysicist, reservoir engineers, a drilling engineer and in-house counsel, which are approximately US$410,000 per month, as the Company seeks to progress its projects in West Africa.
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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: [email protected]
Harriet Jackson/Charles Goodwin
Yellow Jersey PR
Tel: +44 (0) 75 4427 5882
Email: [email protected]
Broker: London Stock Exchange
Shore Capital Stockbrokers Limited
Edward Mansfield
Phone: T: +44 20 7468 7906
SOURCE: Canadian Overseas Petroleum Limited