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COPL makes interim chief financial officer Ryan Gaffney permanent, completes financing

"He will be a great addition to the company's management team as the company moves forward with its business plan”, COPL president and chief executive Arthur Millholland said

Oli rig

Canadian Overseas Petroleum Limited (LON:COPL) has announced that its interim chief financial officer Ryan Gaffney, who took over the role on June 6, will become permanent on July 2.

"Ryan has a background in investment banking where he spent 13 years with Canaccord in their London and Toronto offices. He will be a great addition to the company's management team as the company moves forward with its business plan”, COPL president and chief executive Arthur Millholland said in a statement.

The group also said it expects around 438.5mln placing shares to be admitted to the standard segment of the LSE’s main market on Thursday following completion of a £1.2mln financing that the company said will cover its working capital costs and allow it to continue focusing on its OPL 226 project in Nigeria.

READ: COPL refinanced after share price soars, posts quarterly results

The funds were raised in two separate share placings, announced on June 23 and June 29 respectively, at a price of 0.3p per share, a 32% discount to the closing price on June 26, the last trading day before the second placing was announced.

"The completion of this financing…puts the company on a secure financial footing going forward with a much stronger balance sheet. This allows COPL to focus on its principal asset and to take advantage of new opportunities in the oil sector available at low cost due to the global situation induced by [coronavirus]", Millholland added.

COPL’s shares were 0.3% higher at 0.33p in early deals on Wednesday.

Quick facts: Canadian Overseas Petroleum Limited

Price: 0.383 GBX

LSE:COPL
Market: LSE
Market Cap: £13.34 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

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