RE:RE:Today's newsGoofy40 must be trolling every site for news as the only place I found todays announcement was on Sedar, even the COP website doesn't have it. The money raised is to fund the buyout of Cuda Energy currently in Bankruptcy, or maybe just their assets:
Canadian Overseas Petroleum Announces Completion of USD 8,000,000 at 20 pence per share Accelerated Bookbuild Calgary, Canada & London, United Kingdom, December 01, 2021 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company, today announces the successful completion of the oversubscribed accelerated bookbuild process announced on November 30, 2021 raising gross proceeds of USD 8,000,000 (the "Placing"). A total of 30,250,000 common shares (the "Placing Shares") were placed by Tennyson Securities (the "Agent") with institutional investors at a price of 20 pence per Placing Share. The Placing Shares will, when issued, be credited as fully paid and will rank peri passu in all respects with the existing issued Common Shares. The net proceeds of the Placing, in conjunction with COPL's other financial resources, are intended to be used for a bid for Cuda Energy LLC, or its assets, through the receivership process mandated for Cuda Oil & Gas Inc., a non-operating partner in COPL's Wyoming assets, and for general working capital. Applications will be made to the FCA for the Placing Shares to be admitted to the Official List and to the London Stock Exchange for the Placing 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 the Placing, and including the common shares issued pursuant to the Agent's fees, the Company will have a total of 194,519,464 Common Shares issued and outstanding. There are no Common Shares held in treasury and therefore the total number of voting rights in the Company is 194,519,464. 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