HomeblogBlog articlesCanadian Overseas Petroleum Limited Announces Closing of Brokered Portion of Private Placement and Appointment of Broker to LSE Main Market

Canadian Overseas Petroleum Limited Announces Closing of Brokered Portion of Private Placement and Appointment of Broker to LSE Main Market

  • May 4, 2016
  • Posted by: Cathy Hume
  • Category: Blog articles
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Canadian Overseas Petroleum (TSX.V: XOP, LSE: COPL), has closed the brokered portion of its private placement of units through Dundee Securities.

This was no ordinary raise. It was well oversubscribed – by $2.6 million – which, according to Arthur Millholland, President and CEO, “is a testament to the quality and the opportunity of the Company’s projects in West Africa.”

There was huge insider and employee purchases totalling $1 million, bringing the grand total to $8.6 million. The net proceeds will be used to fund the Company’s ongoing projects in West Africa, notably the drilling of the first exploration well offshore Liberia, overhead costs for its offshore Nigerian oil appraisal and development project, and general corporate purposes.

The Company has also appointed Shore Capital Stockbrokers as its UK Broker with respect to its Main Market listing on the London Stock Exchange.

Click here to read the news release.