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Canadian Overseas Petroleum raises £700,000 as it focusses on Nigeria opportunity

It comes after the share price surged earlier in June, following a settlement deal in the Nigerian joint venture.

Canadian Overseas Petroleum Limited - Canadian Overseas Petroleum raises £700,000 as it focusses on Nigeria opportunity

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.

READ: COPL shares rocket on settlement with Essar

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.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.29 GBX

LSE:COPL
Market: LSE
Market Cap: £10.1 m
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Canadian Overseas Petroleum CEO details terms of its new £2mln equity funding

Canadian Overseas Petroleum Limited's (LON:COPL) (CSE:XOP) Arthur Millholland discusses with Proactive London's Andrew Scott some of the detail of its £2mln equity-based funding facility with Yorkville and Riverfort. He says the funding is significant for them as it can give confidence to...

on 1/5/20

2 min read