Canadian Overseas Petroleum Limited (COPL) (CSE) & (COPL), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, is pleased to announce (the "Announcement") that it successfully completed its US$14.8 million convertible bond financing on March 24, 2023 with the full increase option being exercised (the "Convertible Financing").
The Convertible Financing has been led by the main bondholder (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 (the "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.
Following these issues of Shares the Company has a total of 343,126,335 Shares issued and outstanding. There are no Shares held in treasury and therefore the total number of voting rights in the Company is 343,126,335. 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.