COPL Canadian Overseas Petroleum Limited

 
TIDMCOPL 
 
Canadian Overseas Petroleum Limited Requests Exemptions under Policy4 of the 
Canadian Securities Exchange 
 
CALGARY, AB, Jan. 12, 2024 -- Canadian Overseas Petroleum Limited (the 
"Company") (CSE: XOP) (LSE: COPL) announces that is has requested exemptions 
under Policy4, Corporate Governance, Security Holder Approvals and Miscellaneous 
Provisions ("Policy4") of the Canadian Securities Exchange (the "CSE") with 
respect to the requirement for security holder approval of an offering. 
 
In relation to the offering announced on December29, 2023 (the "Offering"), the 
Company under Policy4 of theCSE, is required to hold a security holder vote on 
the Offering due to the Offering including a number of issuable securities that 
is more than 100% of the currently outstanding securities, unless the Company 
qualifies for exemptions under Policy4. 
 
The Company satisfies the majority of the these requirements for an exemption as 
the Company is in serious financial difficulty, the Company has reached an 
agreement to complete the Offering and the independent directors of the board of 
directors have determined that the Offering is in the best interests of the 
Company, is reasonable in the circumstances and that it is not feasible to 
obtain security holder approval or complete a rights offering to existing 
security holders on the same terms as the Offering. The Company is, however, 
requesting an exemption from the application of Policy4 as a "Related Person", 
as defined therein, is participating in the Offering and from the requirement to 
issue a news release five days in advance of the Offering, with the scheduled 
closing of the Offering being early next week. 
 
The Company is requesting these exemptions from Policy4 on the basis of the 
serious financial difficulty facing the Company at this time, as outlined in 
previous news releases and public disclosure. 
 
For further information, please contact: 
 
Mr. Thomas Richardson, Chairman 
Canadian Overseas Petroleum Limited 
Tel: + 1 (403) 262 5441 
 
Cathy Hume 
CHF Investor Relations 
Tel: +1 (416) 868 1079 ext. 251 
Email: cathy@chfir.com 
 
Charles Goodwin 
Yellow Jersey PR Limited 
Tel: +44 (0) 77 4778 8221 
Email: copl@yellowjerseypr.com 
 
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither 
approved nor disapproved of the contents of this press release. 
 
SOURCE Canadian Overseas Petroleum Limited 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

January 15, 2024 02:01 ET (07:01 GMT)

Canadian Overseas Petrol... (LSE:COPL)
Historical Stock Chart
From Apr 2024 to May 2024

Canadian Overseas Petrol... (LSE:COPL)
Historical Stock Chart
From May 2023 to May 2024