Canadian Overseas Petroleum Ltd - London and Calgary, Canada-based oil and gas exploration company with operations in Wyoming, US - Announces completion on Monday of "critical" USD2.5 million equity financing, issuing 1.31 billion shares to its "leading" equity and convertible bond investor Anavio Capital Partners LLP. Upon closing, Anavio holds 24.5% of company's share capital. Company will also grant Anavio 1.31 million warrants exercisable at 0.15 pence per share.
Financing addresses firm's "urgent liquidity needs" providing short-term working capital to retain an independent E&P technical consultant in the US; to maintain its public listings in London and Canada; and to appoint a chief restructuring officer. Says it is also exploring ways to allow investors to participate in an equity placing. Warns however that it "remains in a precarious financial situation with very limited liquidity".
Current stock price: 0.087p, down 16% in London on Tuesday
12-month change: down 99%
By Emma Curzon, Alliance News reporter
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