LONDON (Alliance News) - Canadian Overseas Petroleum Ltd on Wednesday said it has raised GBP800,000 from the first tranche of its private placement of new shares.
The company issued 22.9 million shares at 3.5 pence per share to raise the funding. COPL shares were up 27% to 4.75p on Wednesday.
Canadian Overseas will use the funding to back its ongoing projects in West Africa, including the drilling of its first well at its Liberian project and costs of its development project offshore Nigeria.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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COPL (COPL)