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LONDON (Alliance News) - Canadian Overseas Petroleum Ltd on Friday said it has issued 22.9 million units at a price of 0.35 pence each, raising GBP800,000, in a first tranche private placement to investors.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share for a period of 24 months from the closing of the offering at an exercise price of 4.75p each.
Shares in COPL were trading down 3.1% at 3.88p on Friday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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