CALGARY, AB--(Marketwired - May 4, 2016) - Canadian Overseas Petroleum Ltd (
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Canadian Overseas Petroleum Limited Announces
Closing of Brokered Portion of Private Placement
and
Appointment of Broker to LSE Main Market
Calgary, Canada, May 3, 2016 - Canadian Overseas Petroleum Limited (the "Company") (TSX-V: XOP) (
The Company has raised aggregate gross proceeds of approximately $8.6 million pursuant to the Brokered Offering and the non-brokered private placement completed on April 28, 2016 (collectively, the "Offering"). Certain directors, officers and employees of the Company participated in the Brokered Offering purchasing in aggregate of 13,813,440 Units for aggregate gross proceeds of approximately $1.0 million.
In connection with the Brokered Offering, the Company paid a commission to the Agent and certain sub-agents of 6% of the gross proceeds of the Brokered Offering, excluding proceeds in respect of sales to certain president's list subscribers. The Company also issued to the Agent and certain sub-agents an aggregate of 5,233,206 warrants ("Broker Warrants"), each Broker Warrant entitling the holder to purchase one Unit at an exercise price of $0.07 per Unit for a period of 24 months following the closing date of the Brokered Offering.
Please click on the associated PDF document to view the full announcement:
http://www.rns-pdf.londonstockexchange.com/rns/1437X_1-2016-5-3.pdf
Contact Information:
Contacts:
RNS
Customer Services
0044-207797-4400
rns@londonstockexchange.com
http://www.rns.com