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Canadian Overseas Petroleum to raise $6m through discounted placing
StockMarketWire.com
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Oil and gas exploration and development company Canadian Overseas Petroleum detailed plans to raise $6 million through the placing of shares and warrants at a 16% discount.
The net proceeds from the placing would be used for the acquisition of Atomic Oil and Gas, announced by the company on 16 December, other expenditures related to the Atomic acquisition, and for general corporate purposes, the company said.
COPL raised gross proceeds of £6 million at a price of 0.2 pence per unit with each unit consisting of one common share of no par value in the capital of the company and one half of one warrant.
The placing to the investors was priced at a 16% discount to the closing price of COPL's common shares on 21 December, the company said.
Each whole warrant entitled the holder to purchase a share at 0.26 pence for 12 months from the settlement date of the placing.
At 8:48am: (LON:COPL) Canadian Overseas Petroleum Limited Com Shs Npv share price was 0p at 0.23p
Story provided by StockMarketWire.com
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