LONDON (Alliance News) - Canadian Overseas Petroleum Ltd on Tuesday said it has agreed to increase the size of its private placement with Dundee Securities Ltd.
COPL will now issue up to 117.9 million units at a price of USD0.07 each, raising proceeds of USD8.3 million. It had initially planned to issue up to 85.7 million units at the same price.
Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share for a period of 24 months from the closing of the offering at an exercise price of USD0.095 each.
The proceeds will be used for COPL's ongoing projects in West Africa and for general corporate purposes.
Shares in COPL were trading down 2.9% at 3.64 pence on Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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COPL (COPL)