Written in the stars30 Dec 2020 14:13
Shares will not hit the market:
COPL has closed a non-brokered private placement of Units with institutional investors, family office, high net worth private investors, the Company's Chief Executive Officer and Directors (the "Investors") to raise gross proceeds of £6,000,000 (the "Placing") at a price of 0.2 pence per Unit (the "Placing Price") with each Unit consisting of one common share of no par value in the capital of the Company (each a "Common Share") and one half of one warrant, each whole warrant entitling the holder to purchase a Common Share at 0.26 pence for 12 months from the settlement date of the Placing (each a "Purchase Warrant"). The Placing to the Investors was priced at a 16% discount to the closing price of COPL's Common Shares on December 21, 2020.
To further strengthen confidence:
Arthur Millholland, the Company's Chief Executive Officer is participating in the Placing for £115,000 to acquire 57,500,000 Units and Directors and the Company Secretary have subscribed for a total of 15,475,000 Units as detailed herein.
Why would you invest your own money if this wasn’t game changer?
To further support the previous posts in relation to the requirement to have cash to hand to get financing it was mentioned here:
Calgary, Canada; London, United Kingdom; December 16, 2020 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company, today announces that it has agreed to acquire Atomic Oil & Gas LLC ("Atomic") for a consideration of US$54 million consisting of assumed debt, cash and shares. This strategic acquisition would represent a step change in the capacity and revenue generating opportunities open to the Company. COPL expects to complete the acquisition by January 31, 2021, with a long stop date in the agreement of 90 days from execution. The effective date of the transaction is December 1, 2020.
Assumed dept, cash and shares
Assumed dept - A debt obligation of an acquired company that becomes an obligation of the acquirer:- remaining balance as finance.
Cash: we have used cash as a deposit £1m and have raised further cash via this placing:
Shares: dilution of placing
Let’s look at some of those buying:
Director Participation in the Placing:
Arthur Millholland, Executive Director: 57,500,000 Units
Harald Ludwig, Chairman: 3,586,000 Units
John Cowan, Non-Executive Director: 3,325,000 Units
Massimo Carello, Non-Executive Director: 3,589,000 Units
Viscount William Astor, Non-Executive Director: 3,589,000 Units
Faralee Chanin, Company Secretary: 1,386,000 Units
Even the company secretary is having a nibble !!!
I am personally expecting a further RNS tomorrow to confirm everything is in place for the remaining finance and acquisition has been completed as per above captioned RNS by the 31 Dec 2020.
Deal on its own is worth £148 on the MC expecting a NPV re-rate.
PIs have b
Sign In
Follow the stocks
