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Canadian Overseas Petroleum Ltd - oil and gas exploration, production and development company, with operations focused in Wyoming, US - Signs agreements with current stakeholders and a new institutional investor for an increase in its 2024 bonds and 2025 bonds, with a total amount of $13.6 million committed possibly increasing to $14.8 million. The convertible financing is meant to sufficiently fund the company for production growth, while allowing management to ‘optimally conclude’ their reserves-based lending and joint-venture negotiations, COPL says. A further undrawn element has been made available by the company’s main bondholder to ensure COPL will be appropriately funded into 2024. Current stock price: 5.68 pence 12-month change: down 83% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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