Canadian Overseas Petroleum Ltd Admission to Trading in London of Shares (7439H)
June 12 2017 - 1:00AM
UK Regulatory
TIDMCOPL
RNS Number : 7439H
Canadian Overseas Petroleum Ltd
12 June 2017
Canadian Overseas Petroleum Limited
(the "Company")
Admission to Trading in London of Shares
Calgary, Canada, 12 June 2017 - Further to the announcement on 9
June, 2017, Canadian Overseas Petroleum Limited ("COPL" or the
"Company") (TSX-V: XOP) (LSE: COPL), announces the admission (the
"New Shares Admission") to the standard listing segment of the
Official List, and to trading on the London Stock Exchange's main
market for listed securities, of 757,066,868 common shares of no
par value in the capital of the Company ("New Common Shares"). New
Shares Admission is expected to become effective at 8:00 a.m.
(London time) today, 12 June, 2017.
The New Common Shares (via Depositary Interests through CREST)
will be freely transferable on the main market of the London Stock
Exchange. However, there is a temporary restriction on the transfer
of such New Common Shares, such that such shares cannot be
transferred through CREST to the Company's Canadian share register
for a period of four months and one day from the date the shares
are issued.
The Company will be required by the TSX-V, as a condition of its
continued listing on such exchange, to consolidate the issued and
outstanding common shares in the capital of the Company (the
"Common Shares") within six months (the "Consolidation") on the
basis of one post-Consolidation Common Share for no less than six
pre-Consolidation Common Shares. The Company received shareholder
approval for the Consolidation at its annual general meeting of
shareholders held on 6 June 2016.
In connection with the 650,000,000 New Common Shares issued
pursuant to the placing announced on 25 May 2017 ("Brokered
Offering"), the Company paid a commission to Shore Capital
Stockbrokers Limited ("SCS") of 6% of the gross proceeds of the
Brokered Offering. The Company also issued to SCS an aggregate of
39,000,000 warrants to subscribe for new Common Shares ("Broker
Warrants"), with an exercise price of GBP0.005 per Broker Warrant
for a period of 24 months from today.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in the United
States, nor shall there be any sale of the Common Shares or Broker
Warrants in any jurisdiction in which such offer, solicitation or
sale may be unlawful. The Common Shares and Broker Warrants have
not been and will not be registered under the 1933 Act or any U.S.
state securities laws and may not be offered or sold in the United
States absent registration under the 1933 Act or an applicable
exemption from the registration requirements of the 1933 Act and
applicable U.S. state securities laws.
About the Company:
The Company is an international oil and gas exploration and
development company focused in offshore West Africa. The Company
holds a 17% working interest in Block LB-13, offshore Liberia, with
ExxonMobil Liberia the operator holding an 83% working interest.
The Company is also actively pursuing opportunities in Nigeria in
partnership with Shoreline as part of its strategy to generate
stable cash flow from secure offshore assets. The Company and
Shoreline, through their jointly held affiliated company, ShoreCan
has acquired 80% of the share capital of Essar Exploration and
Production Limited (Nigeria) which holds an attractive oil
appraisal and development project in shallow to mid water offshore
Nigeria on its 100% holding in OPL 226. Drilling of the first
appraisal well is planned to commence in late 2017. ShoreCan is
currently waiting for final approval from the Government of Nigeria
for the acquisition.
ShoreCan is building a portfolio of exploration and development
assets in sub-Saharan Africa. To date, ShoreCan has taken a
position in Nigeria. It continues to evaluate a variety of
additional assets in Nigeria and Equatorial Guinea.
The common shares are listed under the symbol "XOP" on the TSXV
and under the symbol "COPL" on the London Stock Exchange.
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: cathy@chfir.com
Harriet Jackson/Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 75 4427 5882
Email: copl@yellowjerseypr.com
Broker: London Stock Exchange
Shore Capital Stockbrokers Limited
Edward Mansfield / Mark Percy
Phone: T: +44 20 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
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