Canadian Overseas Petroleum Ltd - oil and gas company focused on Sub-Saharan Africa - Raises GBP14 million gross in share placing for working capital after completing the Atomic Oil & Gas LLC acquisition, which was announced in December. Says the placing for 4.4 million shares at a price of 0.32 pence each was launched on Monday, with institutional investors, and high net worth private investors and family offices subscribing. Tennyson Securities acted as the sole bookrunner.
"The funds from this placing will strengthen COPL's balance sheet post completion of Atomic. This is the prudent thing to do at this time as it gives confidence to the Company's debt provider, the oil field service providers, suppliers of natural gas and natural gas liquids for Atomic's Barron Flats miscible flood," says Chief Financial Officer Ryan Gaffney.
Current stock price: 0.35p, down 8.0% on Tuesday
Year-to-date change: up 44%
By Zoe Wickens; zoewickens@alliancenews.com
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COPL (COPL)