Canadian Overseas Petroleum Ltd - oil and gas company focused on Sub-Saharan Africa - Raises gross proceeds of GBP6.0 million via a unit placing at a price of 0.2 pence per unit. Says the placing to investors was priced at a 16% discount to the closing price of the company's shares on December 21. Notes Chief Executive Arthur Millholland is participating in the placing and intends to acquire 57.5 million units for GBP115,000, and four directors and the company secretary Faralee Chanin have subscribed for a total of 15.5 million units. The company says it will have a total of 8.07 billion shares overall following the placing.
Says the net proceeds from the placing will be used for the acquisition of Atomic Oil & Gas LLC, which was announced on December 16, as well as other expenditures related to the acquisition.
Current stock price: 0.24p
Year-to-date change: more than tripled after trading at 0.07p at the end of 2019
By Zoe Wickens; zoewickens@alliancenews.com
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