Canadian Overseas Petroleum Ltd Admission of new shares to trading in London (3018U)
January 17 2017 - 2:00AM
UK Regulatory
TIDMCOPL
RNS Number : 3018U
Canadian Overseas Petroleum Ltd
17 January 2017
Canadian Overseas Petroleum Limited Announces Expected
Admission to Trading in London of Shares
____________________________________________________________________________
Calgary, Canada, 17 January 2017 - Canadian Overseas Petroleum
Limited ("COPL" or the "Company") (TSX-V: XOP) (LSE: COPL), has
made an application for the admission (the "New Shares Admission")
to the standard listing segment of the Official List, and to
trading on the London Stock Exchange's main market for listed
securities, of 5,477,857 common shares of no par value in the
capital of the Company (the "New Shares"). New Shares Admission is
expected to become effective at 8:00 am (London time) on 20 January
2017.
The New Shares are common shares underlying Warrants (defined
below) forming part of the units issued by the Company in
connection with the previously announced first tranche private
placement of 22,857,143 units (the "Units") in the Company to
investors in the United Kingdom on a non-brokered basis which
closed on April 28, 2016 (the "Offering"). Each Unit consisted of
one common share ("Common Share") in the capital of the Company and
one Common Share purchase warrant ("Warrant"). The Common Shares
and Warrants comprising the Units separated immediately upon
closing.
Under the Offering, each Warrant entitled the holder thereof to
purchase one Common Share at an exercise price of GBP0.0475 per
Common Share at any time prior to 16:30 hrs (Calgary time) on or
before the date that is 24 months from the closing of the
Offering.
In accordance with Section 86(1)(b) of the Financial Services
and Markets Act 2000 (as amended), and Prospectus Rule 1.2.3(R)(1),
the Company is not required to publish a prospectus in relation to
the New Shares Admission.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in the United
States, nor shall there be any sale of the Units in any
jurisdiction in which such offer, solicitation or sale may be
unlawful. The Common Shares and Warrants have not been and will not
be registered under the 1933 Act or any U.S. state securities laws
and may not be offered or sold in the United States absent
registration under the 1933 Act or an applicable exemption from the
registration requirements of the 1933 Act and applicable U.S. state
securities laws.
About the Company:
The Company is an international oil and gas exploration and
development company focused in offshore West Africa. The Company
holds a 17% working interest in Block LB-13, offshore Liberia, with
ExxonMobil the operator holding an 83% working interest. The
Company is also actively pursuing opportunities in Nigeria in
partnership with Shoreline Energy as part of its strategy to
generate stable cash flow from secure offshore assets. The Company
and Shoreline, through their jointly held affiliated company,
Shoreline Canadian Overseas Petroleum Development Corporation
("ShoreCan") has acquired 80% of the share capital of Essar
Exploration and Production Limited (Nigeria) which holds an
attractive oil appraisal and development project in shallow to mid
water offshore Nigeria on it's 100% holding in OPL 226. Drilling of
the first appraisal well is planned to commence in late 2017.
ShoreCan is currently waiting for final approval from the
Government of Nigeria for the acquisition.
ShoreCan is building a portfolio of exploration and development
assets in sub-Saharan Africa. To date, ShoreCan has taken a
position in Nigeria. It continues to evaluate a variety of
additional assets in Nigeria, and Equatorial Guinea.
The Common Shares are listed under the symbol "XOP" on the TSXV
and under the symbol "COPL" on the London Stock Exchange.
For further information, please contact:
Mr. Arthur Millholland, President
& CEO
Canadian Overseas Petroleum
Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext.
231
Email: cathy@chfir.com
Harriet Jackson/Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 75 4427 5882
Email: copl@yellowjerseypr.com
Broker: London Stock Exchange
Shore Capital Stockbrokers
Limited
Edward Mansfield
Phone: T: +44 20 7468 7906
This news release contains forward-looking statements. The use
of any of the words "initial, "scheduled", "can", "will", "prior
to", "estimate", "anticipate", "believe", "should", "forecast",
"future", "continue", "may", "expect", and similar expressions are
intended to identify forward-looking statements. The
forward-looking statements contained herein are based on certain
key expectations and assumptions made by the Company, including,
but not limited to, the ability to raise the necessary funding for
operations, delays or changes in plans with respect to exploration
or development projects or capital expenditures. Although the
Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements since the
Company can give no assurance that they will prove to be correct
since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties most of which are beyond the control of Canadian
Overseas Petroleum Ltd. For example, the uncertainty of reserve
estimates, the uncertainty of estimates and projections relating to
production, cost overruns, health and safety issues, political and
environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas
industry could cause actual results to vary materially from those
expressed or implied by the forward-looking information.
Forward-looking statements contained in this news release are made
as of the date hereof and Canadian Overseas Petroleum undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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