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CALGARY, AB -- (Marketwired) -- 05/04/16 -- Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)
Not for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S.
securities laws.
Canadian Overseas Petroleum Limited Announces
Closing of Brokered Portion of Private Placement
and
Appointment of Broker to LSE Main Market
Calgary, Canada, May 3, 2016 - Canadian Overseas Petroleum Limited (the "Company") (TSX-V: XOP) (LSE: COPL)
is pleased to announce that it has closed the brokered portion of its previously announced private placement of units of the
Company ("Units") through Dundee Securities Ltd. (the "Agent"). The Company issued
100,866,868 Units at a price of $0.07 per Unit for aggregate gross proceeds of approximately $7.1 million (the "Brokered Offering"). Each Unit consists of one common share in the capital of the Company ("Common
Share") and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to
purchase one Common Share at a price of $0.095 per Common Share at any time prior to 4:30 p.m. (Calgary time) on the date that is
24 months from the closing date of the Brokered Offering.
The Company has raised aggregate gross proceeds of approximately $8.6 million pursuant to the Brokered Offering and the
non-brokered private placement completed on April 28, 2016 (collectively, the "Offering"). Certain directors,
officers and employees of the Company participated in the Brokered Offering purchasing in aggregate of 13,813,440 Units for
aggregate gross proceeds of approximately $1.0 million.
In connection with the Brokered Offering, the Company paid a commission to the Agent and certain sub-agents of 6% of the gross
proceeds of the Brokered Offering, excluding proceeds in respect of sales to certain president's list subscribers. The Company also
issued to the Agent and certain sub-agents an aggregate of 5,233,206 warrants ("Broker Warrants"), each Broker
Warrant entitling the holder to purchase one Unit at an exercise price of $0.07 per Unit for a period of 24 months following the
closing date of the Brokered Offering.
Please click on the associated PDF document to view the full announcement:
http://www.rns-pdf.londonstockexchange.com/rns/1437X_1-2016-5-3.pdf
Contacts:
RNS
Customer Services
0044-207797-4400
rns@londonstockexchange.com
http://www.rns.com