Canadian Overseas Petroleum Ltd (LON:COPL) has raised £700,000 of new capital with a share placing with three investors.
The cash injection, priced at 0.3p each, will be used to cover working capital and allow the company to focus on the OPL 226 asset in Nigeria.
One investor is to take up £500,000 of the new shares. Additionally, YA and Riverfort have agreed to participate in the funding, for £100,000 each.
"The timing of this common share placing is appropriate given the recent movement in the company's share price and associated high trading volumes in the London market,” said Arthur Millholland, COPL chief executive.
“This is the next step to our recently announced loan agreement with YA and RGO, and it again confirms the quality of the company's principal asset."
Earlier this month, the company confirmed that an agreement was reached to settle a dispute among joint venture partners in Nigeria – allowing parties to focus on the progression of projects in Nigeria.