RE: How about an open offer to shareholders Art22 Jul 2022 14:05
COPL's affiliate, COPL America Inc., intends to close the Cuda Acquisition simultaneously with the closing of the Convertible on 25 July 2022. On closing the Cuda Acquisition:
· COPL America will become the majority owner of its Wyoming Assets with operated interests of 85 - 100% across three oil producing Units in Wyoming, USA.
· COPL will, from Q3-2022, report increased share of oil production reflecting majority interest in its Wyoming Assets, which will benefit COPL America from exposure to 'unhedged' oil production.
· Closing the Cuda Acquisition will remove a bankrupt working interest partner that has constrained COPL America's financial resources and limited the pace of development since COPL America acquired its Wyoming Assets in March 2021. As at 31 May 2022, the Cuda Receivable owed to COPL America had decreased to $1.95 million.